<SEC-DOCUMENT>0001140361-25-004957.txt : 20250218
<SEC-HEADER>0001140361-25-004957.hdr.sgml : 20250218
<ACCEPTANCE-DATETIME>20250218060121
ACCESSION NUMBER:		0001140361-25-004957
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20250214
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250218
DATE AS OF CHANGE:		20250218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GYRE THERAPEUTICS, INC.
		CENTRAL INDEX KEY:			0001124105
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				562020050
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51173
		FILM NUMBER:		25632389

	BUSINESS ADDRESS:	
		STREET 1:		12770 HIGH BLUFF DRIVE, SUITE 150
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130
		BUSINESS PHONE:		(619) 949-3681

	MAIL ADDRESS:	
		STREET 1:		12770 HIGH BLUFF DRIVE, SUITE 150
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CATALYST BIOSCIENCES, INC.
		DATE OF NAME CHANGE:	20150820

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TARGACEPT INC
		DATE OF NAME CHANGE:	20000919
</SEC-HEADER>
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  <div style="text-align: center; color: #000000; font-size: 14pt; font-weight: bold;">UNITED STATES</div>

  <div style="text-align: center; color: #000000; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>

  <div style="text-align: center; color: #000000; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>

  <div style="text-align: center; color: #000000; font-size: 12pt; font-weight: bold;"> <br/>
  </div>

  <div style="text-align: center; color: #000000; font-size: 18pt; font-weight: bold;">
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  <div style="text-align: center; color: #000000; font-weight: bold;"> <br/>
  </div>

  <div style="text-align: center; color: #000000; font-weight: bold;">CURRENT REPORT</div>

  <div style="text-align: center; color: #000000; font-weight: bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>

  <div><br/>
  </div>

  <div style="text-align: center; color: #000000;">Date of report (Date of earliest event reported): <span style="font-weight: bold;"><ix:nonNumeric name="dei:DocumentPeriodEndDate" id="Fact_61781e270a274988a31dbd5cd5bb5fba" contextRef="c20250214to20250214" format="ixt:date-monthname-day-year-en">February 14, 2025</ix:nonNumeric></span></div>

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  <div style="text-align: center; color: #000000; font-size: 24pt; font-weight: bold;"><ix:nonNumeric name="dei:EntityRegistrantName" id="Fact_d8e3de7bfce34428b18be2d320ddc709" contextRef="c20250214to20250214">Gyre Therapeutics, Inc.</ix:nonNumeric><br/>
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  <div style="text-align: center; color: #000000;">(Exact name of registrant as specified in its charter)</div>

  <div><br/>
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          <div style="text-align: center; color: #000000; font-weight: bold;"><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_5dadcb8c57874e21839748965c1c1dbb" contextRef="c20250214to20250214" format="ixt-sec:stateprovnameen">Delaware</ix:nonNumeric><br/>
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  <tr>

    <td style="width: 40%; vertical-align: top;">
          <div style="text-align: center; color: #000000;">(State or other jurisdiction of incorporation)</div>
        </td>

    <td style="width: 25%; vertical-align: top;">
          <div style="text-align: center; color: #000000;">(Commission File Number)</div>
        </td>

    <td style="width: 35%; vertical-align: top;">
          <div style="text-align: center; color: #000000;">(IRS Employer Identification No.)</div>
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    <td style="width: 66%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-weight: bold;"><ix:nonNumeric name="dei:EntityAddressAddressLine1" id="Fact_6e54023c7eaa4eaab914c106f55d0446" contextRef="c20250214to20250214">12770 High Bluff Drive</ix:nonNumeric><br/>
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          <div style="text-align: center; color: #000000; font-weight: bold;">Suite 150</div>
          <div style="text-align: center; color: #000000; font-weight: bold;"><ix:nonNumeric name="dei:EntityAddressCityOrTown" id="Fact_d398b608baee462ea5a286826ddeeeeb" contextRef="c20250214to20250214">San Diego</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressStateOrProvince" id="Fact_cc9a2ee4dc0e4e78bf834527d628f0f4" contextRef="c20250214to20250214">CA</ix:nonNumeric></div>
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          <div style="text-align: center; color: #000000; font-weight: bold;"><ix:nonNumeric name="dei:EntityAddressPostalZipCode" id="Fact_f3249db819284f56932bfc8b181587d6" contextRef="c20250214to20250214">92130</ix:nonNumeric><br/>
          </div>
        </td>

  </tr>

  <tr>

    <td style="width: 66%; vertical-align: top;">
          <div style="text-align: center; color: #000000;">(Address of principal executive offices)</div>
        </td>

    <td style="width: 1.22%; vertical-align: top;">
          <div style="color: #000000;">&#160;</div>
        </td>

    <td style="width: 33%; vertical-align: top;">
          <div style="text-align: center; color: #000000;">(Zip Code)</div>
        </td>

  </tr>


</table>
  <div><br/>
  </div>

  <div style="text-align: center; color: #000000;">Registrant&#8217;s telephone number, including area code: <span style="font-weight: bold;">(<ix:nonNumeric name="dei:CityAreaCode" id="Fact_8886f1c8a2674bb2bfffdef97ce3174e" contextRef="c20250214to20250214">619</ix:nonNumeric>) <ix:nonNumeric name="dei:LocalPhoneNumber" id="Fact_c7838289cbd24a08947895e37d16350c" contextRef="c20250214to20250214">949-3681</ix:nonNumeric></span></div>

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  </div>

  <div style="text-align: center; color: #000000; font-weight: bold;">N/A</div>

  <div style="text-align: center; color: #000000;">(Former name or former address, if changed since last report)</div>

  <div><br/>
  </div>

  <div style="color: #000000;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<span style="font-style: italic;">see</span> General
    Instruction A.2. below):</div>

  <div><br/>
  </div>

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  <tr>

    <td style="width: 2.35%; vertical-align: top;">
          <div style="color: #000000;"><ix:nonNumeric name="dei:WrittenCommunications" id="Fact_a89612cd302541a98f62bed35504cbbb" contextRef="c20250214to20250214" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric><br/>
          </div>
        </td>

    <td style="width: 97.65%; vertical-align: top;">
          <div style="color: #000000;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
        </td>

  </tr>


</table>
  <div><br/>
  </div>

  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 2.34%; vertical-align: top;">
          <div style="color: #000000;"><ix:nonNumeric name="dei:SolicitingMaterial" id="Fact_18bf65a9824547be85d9542df03538d0" contextRef="c20250214to20250214" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric><br/>
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        </td>

    <td style="width: 97.66%; vertical-align: top;">
          <div style="color: #000000;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
        </td>

  </tr>


</table>
  <div><br/>
  </div>

  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 1.89%; vertical-align: top;">
          <div style="color: #000000;"><ix:nonNumeric name="dei:PreCommencementTenderOffer" id="Fact_c96effaff38548f2b9adb449377a77b5" contextRef="c20250214to20250214" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric><br/>
          </div>
        </td>

    <td style="width: 98.11%; vertical-align: top;">
          <div style="color: #000000;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
        </td>

  </tr>


</table>
  <div><br/>
  </div>

  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 1.9%; vertical-align: top;">
          <div style="color: #000000;"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" id="Fact_51fbbb4072014764a2fcc752ecfe44ea" contextRef="c20250214to20250214" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric><br/>
          </div>
        </td>

    <td style="width: 98.1%; vertical-align: top;">
          <div style="color: #000000;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
        </td>

  </tr>


</table>
  <div><br/>
  </div>

  <div style="color: #000000;">Securities registered pursuant to Section 12(b) of the Act:</div>

  <div><br/>
  </div>

  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 25.13%; vertical-align: bottom; border-bottom: #000000 2px solid; white-space: nowrap;">
          <div style="text-align: center; color: #000000;">Title of each class</div>
        </td>

    <td style="width: 2%; vertical-align: bottom;">
          <div style="color: #000000;">&#160;</div>
        </td>

    <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: #000000;">Trading Symbol(s)</div>
        </td>

    <td style="width: 2%; vertical-align: bottom;">
          <div style="color: #000000;">&#160;</div>
        </td>

    <td style="width: 46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: #000000;">Name of each exchange on which</div>
          <div style="text-align: center; color: #000000;">registered</div>
        </td>

  </tr>

  <tr>

    <td style="width: 25.13%; vertical-align: top;">
          <div style="text-align: center; color: #000000;"><ix:nonNumeric name="dei:Security12bTitle" id="Fact_b479cae1c4e347cea970ef2b01012407" contextRef="c20250214to20250214">Common Stock</ix:nonNumeric><br/>
          </div>
        </td>

    <td style="width: 2%; vertical-align: top;">
          <div style="color: #000000;">&#160;</div>
        </td>

    <td style="width: 25%; vertical-align: top;">
          <div style="text-align: center; color: #000000;"><ix:nonNumeric name="dei:TradingSymbol" id="Fact_4df83ec18f9545ee92461387036e304b" contextRef="c20250214to20250214">GYRE</ix:nonNumeric><br/>
          </div>
        </td>

    <td style="width: 2%; vertical-align: top;">
          <div style="color: #000000;">&#160;</div>
        </td>

    <td style="width: 46%; vertical-align: top;">
          <div style="text-align: center; color: #000000;"><span style="-sec-ix-hidden:Fact_45236178dcb640a8adc6579e13c85e3e">The Nasdaq Capital Market</span><br/>
          </div>
        </td>

  </tr>


</table>
  <div><br/>
  </div>

  <div style="color: #000000;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of
    this chapter).</div>

  <div><br/>
  </div>

  <div style="text-align: justify; color: #000000;">Emerging growth company <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_173cfed483a24631af6efe7832f54d28" contextRef="c20250214to20250214" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></div>

  <div><br/>
  </div>

  <div style="color: #000000;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section
    13(a) of the Exchange Act. &#9744;</div>

  <div style="color: #000000;"> <br/>
  </div>

  <div style="color: #000000;"> <br/>
  </div>

  <div style="color: #000000;">
    <hr style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"/> </div>

  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

  </div>

  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 10%; vertical-align: top;">
          <div style="color: #000000; font-weight: bold;">Item 2.02.</div>
        </td>

    <td style="width: 90%; vertical-align: top;">
          <div style="color: #000000; font-weight: bold;">Results of Operations and Financial Condition.</div>
        </td>

  </tr>


</table>
  <div><br/>
  </div>

  <div style="color: #000000;">The information set forth below under &#8220;Preliminary Financial Information for the Year Ended December 31, 2024&#8221; in Item 7.01 is incorporated by reference herein.</div>

  <div><br/>
  </div>

  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 10%; vertical-align: top;">
          <div style="color: #000000; font-weight: bold;">Item 7.01.</div>
        </td>

    <td style="width: 90%; vertical-align: top;">
          <div style="color: #000000; font-weight: bold;">Regulation FD Disclosure.</div>
        </td>

  </tr>


</table>
  <div><br/>
  </div>

  <div style="color: #000000; font-weight: bold;">Preliminary Financial Information for the Year Ended December 31, 2024</div>

  <div><br/>
  </div>

  <div style="text-align: justify; text-indent: 36pt; color: #000000;">On February 14, 2025, GNI Group Ltd., a company incorporated under the laws of Japan with limited liability (&#8220;<span style="font-weight: bold;">GNI Group</span>&#8221;), which holds an
    indirect controlling interest of Gyre Therapeutics, Inc., a Delaware corporation (the &#8220;<span style="font-weight: bold;">Company</span>&#8221;), issued a press release reporting financial results for the quarter and year ended December 31, 2024. GNI Group
    also disclosed information regarding GNI Group&#8217;s and the Company&#8217;s financial position and near-term catalysts, including Gyre Pharmaceuticals Co., Ltd.&#8217;s (&#8220;<span style="font-weight: bold;">Gyre Pharmaceuticals</span>&#8221;) expected topline data results for
    its Phase 3 clinical trial of Hydronidone in China in the first quarter of 2025 for patients with liver fibrosis caused by chronic hepatitis B, Gyre Pharmaceuticals' expected completion of its Phase 2 clinical trial of F573 for patients with acute
    liver failure and acute on chronic liver failure, Gyre Pharmaceuticals' expected initiation of its Phase 1 clinical trial of F230 for patients with pulmonary arterial hypertension and Gyre Pharmaceuticals' plan to submit a new investigational new drug
    application for F528 in December 2025.</div>

  <div><br/>
  </div>

  <div style="text-align: justify; text-indent: 36pt; color: #000000;">A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. The exhibit furnished under Item 7.01 of this
    Current Report on Form 8-K shall not be deemed to be &#8220;filed&#8221; for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act
    or the Securities Act, regardless of any general incorporation language in such filing.</div>

  <div><br/>
  </div>

  <div style="color: #000000; font-weight: bold;">Forward Looking Statements</div>

  <div><br/>
  </div>

  <div style="text-align: justify; text-indent: 36pt; color: #000000;">This report and the press release attached as an exhibit contain forward-looking statements that pertain to future operating performance and that are not historic facts. Forward-looking
    statements may include, but are not limited to, words such as &#8220;believe,&#8221; &#8220;plan,&#8221; &#8220;strategy,&#8221; &#8220;expect,&#8221; &#8220;forecast,&#8221; &#8220;possibility&#8221; and similar words that describe future operating activities, business performance, events or conditions. Forward-looking
    statements, whether spoken or written, are based on judgments made by the management of GNI Group and/or the Company, based on information that is currently available to it. As such, these forward-looking statements are subject to various risks and
    uncertainties, and actual business results may vary substantially from the forecasts expressed or implied in forward-looking statements. Consequently, investors are cautioned not to place undue reliance on forward-looking statements.</div>

  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

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  <tr>

    <td style="width: 10%; vertical-align: top;">
          <div style="color: #000000; font-weight: bold;">Item 9.01.</div>
        </td>

    <td style="width: 90%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-weight: bold;">Financial Statements and Exhibits.</div>
        </td>

  </tr>


</table>
  <div><br/>
  </div>

  <div style="text-align: justify; color: #000000;">(d) <span style="font-style: italic;">Exhibits</span>. The following exhibits are being furnished herewith:</div>

  <div><br/>
  </div>

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  <tr>

    <td style="width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="color: #000000; font-weight: bold;">Exhibit Number</div>
        </td>

    <td style="width: 2%; vertical-align: bottom;">
          <div style="color: #000000;">&#160;</div>
        </td>

    <td style="width: 90%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="color: #000000; font-weight: bold;">Exhibit Title or Description</div>
        </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">
          <div style="color: #000000;">&#160;</div>
        </td>

    <td style="width: 2%; vertical-align: top;">
          <div style="color: #000000;">&#160;</div>
        </td>

    <td style="width: 90%; vertical-align: top;">
          <div style="color: #000000;">&#160;</div>
        </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="color: #0000EE;"><a href="ny20043721x1_ex99-1.htm">99.1</a></div>
        </td>

    <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="color: #000000;">&#160;</div>
        </td>

    <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="color: #000000;">Press Release, dated February 14, 2025</div>
        </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">
          <div style="color: #000000;">&#160;</div>
        </td>

    <td style="width: 2%; vertical-align: top;">
          <div style="color: #000000;">&#160;</div>
        </td>

    <td style="width: 90%; vertical-align: top;">
          <div style="color: #000000;">&#160;</div>
        </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="color: #000000;">104</div>
        </td>

    <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="color: #000000;">&#160;</div>
        </td>

    <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="color: #000000;">Cover Page Interactive Data File (embedded within the Inline XBRL document)</div>
        </td>

  </tr>


</table>
  <div><br/>
  </div>

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  </div>

  <div style="text-align: center; color: #000000; font-weight: bold;">SIGNATURE</div>

  <div><br/>
  </div>

  <div style="text-align: justify; color: #000000;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

  <div><br/>
  </div>

  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 50%; vertical-align: top;">
          <div style="color: #000000;">&#160;</div>
        </td>

    <td style="vertical-align: top;" colspan="2">
          <div style="color: #000000; font-weight: bold;">GYRE THERAPEUTICS, INC.</div>
        </td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: top;">
          <div style="color: #000000;">&#160;</div>
        </td>

    <td style="vertical-align: top;" colspan="2">
          <div style="color: #000000;">&#160;</div>
        </td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: top;">
          <div style="color: #000000;">Date: <span style="font-weight: bold;">February 18, 2025</span></div>
        </td>

    <td style="width: 4%; vertical-align: top;">
          <div style="color: #000000;">By:</div>
        </td>

    <td style="width: 46%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="color: #000000;">/s/ Han Ying, Ph.D.</div>
        </td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: top;">
          <div style="color: #000000;">&#160;</div>
        </td>

    <td style="width: 4%; vertical-align: top;">
          <div style="color: #000000;">Name:</div>
        </td>

    <td style="width: 46%; vertical-align: top;">
          <div style="color: #000000;">Han Ying, Ph.D.</div>
        </td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: top;">
          <div style="color: #000000;">&#160;</div>
        </td>

    <td style="width: 4%; vertical-align: top;">
          <div style="color: #000000;">Title:</div>
        </td>

    <td style="width: 46%; vertical-align: top;">
          <div style="color: #000000;">Chief Executive Officer</div>
        </td>

  </tr>


</table>
  <div><br/></div>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ny20043721x1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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      <div style="text-align: right;">
        <hr noshade="noshade" style="height: 4px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
      </div>
      <div style="text-align: right;"><font style="font-weight: bold;"> <font style="font-size: 8pt; font-weight: normal;"><br>
          </font></font></div>
      <div style="text-align: right;"><font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;"> GNI Group Ltd. (2160)<br>
            FY2024 Consolidated Financial Results</font><br>
        </font></div>
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    <div style="text-align: left; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><br>
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            <td style="width: 100%; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">The following information was originally prepared and published by GNI Group Ltd. in Japanese as it contains timely disclosure materials to be
              submitted to the Tokyo Stock Exchange.&#160; This English summary translation is for reference purposes only.&#160; To the extent there is any discrepancy between this English translation and the original Japanese version, please refer to the Japanese
              version.&#160; The following information was prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;).</td>
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    <div>
      <div style="text-align: right;"><img height="25" width="25" src="ny20043721x1_ex99-1img01.jpg"></div>
    </div>
  </div>
  <div style="margin-bottom: 3pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Consolidated Financial Results for FY2024 (IFRS)</div>
  <div style="text-align: right; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">February 14, 2025</div>
  <table cellspacing="0" cellpadding="0" id="za6bcc88a9a1641d8ae110c20643365f8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 22.36%; vertical-align: top;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Company Name:</div>
        </td>
        <td style="width: 43.71%; vertical-align: top;" colspan="2">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">GNI Group Ltd.</div>
        </td>
        <td style="width: 33.94%; vertical-align: top;" colspan="2">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Tokyo Stock Exchange</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.36%; vertical-align: top;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Stock Code:</div>
        </td>
        <td style="width: 43.71%; vertical-align: top;" colspan="2">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2160</div>
        </td>
        <td style="width: 33.94%; vertical-align: top;" colspan="2">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">URL <u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">https://www.gnipharma.com</font></u></div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.36%; vertical-align: top;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Representative:</div>
        </td>
        <td style="width: 77.64%; vertical-align: top;" colspan="4">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Ying Luo, Director, Representative Executive Officer, President, and CEO</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.36%; vertical-align: top;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Inquiries:</div>
        </td>
        <td style="width: 54.1%; vertical-align: top;" colspan="3">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Toshiya Kitagawa, Director, Executive Officer, and CFO</div>
        </td>
        <td style="width: 23.54%; vertical-align: top;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">TEL:&#160; +81-3-6214-3600</div>
        </td>
      </tr>
      <tr>
        <td style="width: 52.6%; vertical-align: top;" colspan="2">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Annual General Shareholder Meeting Date</div>
        </td>
        <td style="width: 47.4%; vertical-align: top;" colspan="3">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">March 27, 2025</div>
        </td>
      </tr>
      <tr>
        <td style="width: 52.6%; vertical-align: top;" colspan="2">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Annual financial report (Yuho) disclosure date:</div>
        </td>
        <td style="width: 47.4%; vertical-align: top;" colspan="3">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">March 31, 2025</div>
        </td>
      </tr>
      <tr>
        <td style="width: 52.6%; vertical-align: top;" colspan="2">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Supplementary materials prepared for financial results:</div>
        </td>
        <td style="width: 47.4%; vertical-align: top;" colspan="3">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Yes</div>
        </td>
      </tr>
      <tr>
        <td style="width: 52.6%; vertical-align: top;" colspan="2">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Financial result briefing meeting:</div>
        </td>
        <td style="width: 47.4%; vertical-align: top;" colspan="3">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Yes (For institutional investors and analysts)</div>
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
            <div style="margin: 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">(Amounts of less than one million yen are rounded down)</div>
          </div>
        </td>
      </tr>

  </table>
  <div style="text-align: right; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><br>
  </div>
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      <tr>
        <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">1.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Consolidated Financial Results for FY2024 (January to December)</div>
        </td>
      </tr>

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consolidated Operating Results</div>
        </td>
      </tr>

  </table>
  <div style="text-align: right; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Percentages are shown as year-on-year changes)</div>
  <table cellspacing="0" cellpadding="0" id="z7d648d54168847bc869d8046c048505a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 8.06%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 14.32%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Revenue</div>
        </td>
        <td style="width: 15.83%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Operating profit</div>
        </td>
        <td style="width: 15.82%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pre tax profit</div>
        </td>
        <td style="width: 14.34%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Profit</div>
        </td>
        <td style="width: 15.83%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Profit attributable to owners of parent</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 15.82%;" colspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">comprehensive income</div>
        </td>
      </tr>
      <tr>
        <td style="width: 8.06%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">&#160;</td>
        <td style="width: 7.16%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="width: 7.16%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
        <td style="width: 7.18%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="width: 8.65%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
        <td style="width: 7.17%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="width: 8.65%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
        <td style="width: 7.17%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="width: 7.17%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
        <td style="width: 7.18%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="width: 8.65%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
        <td style="width: 7.17%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: middle; width: 8.65%;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
      </tr>
      <tr>
        <td style="width: 8.06%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024</div>
        </td>
        <td style="width: 7.16%; vertical-align: middle; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">23,611</div>
        </td>
        <td style="width: 7.16%; vertical-align: middle; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(9.2)</div>
        </td>
        <td style="width: 7.18%; vertical-align: middle; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,402</div>
        </td>
        <td style="width: 8.65%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(89.3)</div>
        </td>
        <td style="width: 7.17%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">238</div>
        </td>
        <td style="width: 8.65%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(98.1)</div>
        </td>
        <td style="width: 7.17%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(130)</div>
        </td>
        <td style="width: 7.17%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 7.18%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">977</div>
        </td>
        <td style="width: 8.65%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(87.9)</div>
        </td>
        <td style="width: 7.17%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,268</div>
        </td>
        <td style="border-left: 2px solid #000000; border-right: 2px solid #000000; vertical-align: top; width: 8.65%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(78.7)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 8.06%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023</div>
        </td>
        <td style="width: 7.16%; vertical-align: middle; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">26,010</div>
        </td>
        <td style="width: 7.16%; vertical-align: middle; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">49.3</div>
        </td>
        <td style="width: 7.18%; vertical-align: middle; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">13,108</div>
        </td>
        <td style="width: 8.65%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">851.3</div>
        </td>
        <td style="width: 7.17%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">12,612</div>
        </td>
        <td style="width: 8.65%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 7.17%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">9,504</div>
        </td>
        <td style="width: 7.17%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 7.18%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">8,094</div>
        </td>
        <td style="width: 8.65%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 7.17%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">10,662</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; vertical-align: top; width: 8.65%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z3dca929f8ce4489da037b9aa9282df3b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 16.67%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 16.67%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Basic earnings per share</div>
        </td>
        <td style="width: 16.67%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Diluted earnings per share</div>
        </td>
        <td style="width: 16.66%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Ratio of profit for the year to equity attributable to owners of parent</div>
        </td>
        <td style="width: 16.66%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Ratio of pre tax profit to total assets</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: middle; width: 16.67%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Ratio of operating profit to revenue</div>
        </td>
      </tr>
      <tr>
        <td style="width: 16.67%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">&#160;</td>
        <td style="width: 16.67%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Yen</div>
        </td>
        <td style="width: 16.67%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Yen</div>
        </td>
        <td style="width: 16.66%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
        <td style="width: 16.66%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
        <td style="border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: top; width: 16.67%;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
      </tr>
      <tr>
        <td style="width: 16.67%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024</div>
        </td>
        <td style="width: 16.67%; vertical-align: middle; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">19.55</div>
        </td>
        <td style="width: 16.67%; vertical-align: middle; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">18.83</div>
        </td>
        <td style="width: 16.66%; vertical-align: middle; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2.8</div>
        </td>
        <td style="width: 16.66%; vertical-align: middle; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">0.4</div>
        </td>
        <td style="border-left: 2px solid #000000; border-right: 2px solid #000000; vertical-align: middle; width: 16.67%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">5.9</div>
        </td>
      </tr>
      <tr>
        <td style="width: 16.67%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023</div>
        </td>
        <td style="width: 16.67%; vertical-align: middle; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">169.50</div>
        </td>
        <td style="width: 16.67%; vertical-align: middle; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">165.56</div>
        </td>
        <td style="width: 16.66%; vertical-align: middle; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">29.6</div>
        </td>
        <td style="width: 16.66%; vertical-align: middle; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">26.2</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; vertical-align: middle; width: 16.67%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">50.4</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z295036b4e85f472881fd7b4da640c874" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 3pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consolidated Financial Position</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" border="0" id="za8f3f64e53cb4943b27bd875740c96e6" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 17%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 16.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total assets</div>
        </td>
        <td style="width: 16.78%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total equity</div>
        </td>
        <td style="width: 16.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total equity attributable to owners of parent</div>
        </td>
        <td style="width: 17.16%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Ratio of total equity attributable to owners of parent</div>
        </td>
        <td style="border-width: 2px; border-style: solid; border-color: -moz-use-text-color rgb(0, 0, 0); vertical-align: middle; width: 17%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total equity attributable to owners of parent per share</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 16.77%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="width: 16.78%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="width: 16.77%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="width: 17.16%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
        <td style="border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid; vertical-align: top; width: 17%;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Yen</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024</div>
        </td>
        <td style="width: 16.77%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">69,947</div>
        </td>
        <td style="width: 16.78%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">39,673</div>
        </td>
        <td style="width: 16.77%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">36,405</div>
        </td>
        <td style="width: 17.16%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">52.0</div>
        </td>
        <td style="border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); vertical-align: top; width: 17%;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">725.87</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023</div>
        </td>
        <td style="width: 16.77%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">64,269</div>
        </td>
        <td style="width: 16.78%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">36,504</div>
        </td>
        <td style="width: 16.77%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">33,794</div>
        </td>
        <td style="width: 17.16%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">52.6</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); vertical-align: top; width: 17%;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">678.01</div>
        </td>
      </tr>

  </table>
  <div style="text-align: left; margin-bottom: 10pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Notes:&#160; Provisional accounting treatments for business combinations are being finalized for the fiscal year ending December 2024, and the
    figures for the fiscal year ending December 2023 reflect the finalization of the provisional accounting treatments.</div>
  <table cellspacing="0" cellpadding="0" id="z75728b36f72b44a981ec2d17423df7c4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 3pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3)</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consolidated Cash Flows</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" border="0" id="z30131e8ee00641a9bac39e5bb64133b8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 20%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 20.47%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cash flows from operating activities</div>
        </td>
        <td style="width: 20.47%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cash flows from investing activities</div>
        </td>
        <td style="width: 20.34%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cash flows from financing activities</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: middle; width: 20.34%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cash and cash equivalents at end of period</div>
        </td>
      </tr>
      <tr>
        <td style="width: 20%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 20.47%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="width: 20.47%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="width: 20.34%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: top; width: 20.34%;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
      </tr>
      <tr>
        <td style="width: 20%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024</div>
        </td>
        <td style="width: 20.47%; vertical-align: middle; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(3,164)</div>
        </td>
        <td style="width: 20.47%; vertical-align: middle; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(10,361)</div>
        </td>
        <td style="width: 20.34%; vertical-align: middle; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">694</div>
        </td>
        <td style="border-left: 2px solid #000000; border-right: 2px solid #000000; vertical-align: middle; width: 20.34%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">10,115</div>
        </td>
      </tr>
      <tr>
        <td style="width: 20%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023</div>
        </td>
        <td style="width: 20.47%; vertical-align: middle; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">6,549</div>
        </td>
        <td style="width: 20.47%; vertical-align: middle; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(6,842)</div>
        </td>
        <td style="width: 20.34%; vertical-align: middle; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">10,686</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; vertical-align: middle; width: 20.34%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">21,633</div>
        </td>
      </tr>

  </table>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: right;"> <font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
        FY2024 Consolidated Financial Results</font></font></div>
  <div><font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;"> <br>
      </font></font></div>
  <table cellspacing="0" cellpadding="0" id="z809e8811f3ff48a08899ba07215e16f0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 3pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Dividends</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z7872a550798a4d8b803e25c1c3442942" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 17.81%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" rowspan="2">&#160;</td>
        <td style="width: 37.3%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="5">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Dividends per share</div>
        </td>
        <td style="width: 14.97%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" rowspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total amount of dividends</div>
        </td>
        <td style="width: 14.97%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" rowspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Dividend payout ratio (consolidated)</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: middle; width: 14.94%;" rowspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Ratio of dividend to total equity attributable to owners of parent (consolidated)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 6.55%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Q1</div>
        </td>
        <td style="width: 6.55%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Q2</div>
        </td>
        <td style="width: 6.55%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Q3</div>
        </td>
        <td style="width: 9.48%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Year-End</div>
        </td>
        <td style="width: 8.18%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17.81%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">&#160;</td>
        <td style="width: 6.55%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Yen</div>
        </td>
        <td style="width: 6.55%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Yen</div>
        </td>
        <td style="width: 6.55%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Yen</div>
        </td>
        <td style="width: 9.48%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Yen</div>
        </td>
        <td style="width: 8.18%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Yen</div>
        </td>
        <td style="width: 14.97%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="width: 14.97%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
        <td style="border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: top; width: 14.94%;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17.81%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023</div>
        </td>
        <td style="width: 6.55%; vertical-align: middle; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 6.55%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 6.55%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 9.48%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">0.00</div>
        </td>
        <td style="width: 8.18%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">0.00</div>
        </td>
        <td style="width: 14.97%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 14.97%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div>
        </td>
        <td style="border-left: 2px solid #000000; border-right: 2px solid #000000; vertical-align: top; width: 14.94%;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17.81%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024</div>
        </td>
        <td style="width: 6.55%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 6.55%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 6.55%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 9.48%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">0.00</div>
        </td>
        <td style="width: 8.18%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">0.00</div>
        </td>
        <td style="width: 14.97%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 14.97%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; vertical-align: top; width: 14.94%;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17.81%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2025 (Forecast)</div>
        </td>
        <td style="width: 6.55%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 6.55%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 6.55%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 9.48%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">0.00</div>
        </td>
        <td style="width: 8.18%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">0.00</div>
        </td>
        <td style="width: 14.97%; vertical-align: top; background-color: #BFBFBF; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 14.97%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div>
        </td>
        <td style="background-color: #BFBFBF; border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: top; width: 14.94%;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z6364b4d4ce4943b3b5d4fb9b09326e66" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 3pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">3.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Consolidated Earnings Forecasts for FY2025 (January to December)</div>
        </td>
      </tr>

  </table>
  <div style="text-align: right; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Percentages are shown as year-on-year changes)</div>
  <table cellspacing="0" cellpadding="0" id="zed97add32cad4204a0fc81ef720f9c38" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 17.83%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 14.54%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Revenue</div>
        </td>
        <td style="width: 14.72%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Operating profit</div>
        </td>
        <td style="width: 14.6%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pre-tax profit</div>
        </td>
        <td style="width: 14.6%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Profit for the year</div>
        </td>
        <td style="width: 13.95%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Profit attributable to owners of parent</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 9.76%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Basic earnings per share</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17.83%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" rowspan="2">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2025</div>
        </td>
        <td style="width: 7.04%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="width: 7.5%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
        <td style="width: 7.8%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="width: 6.92%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
        <td style="width: 7.68%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="width: 6.92%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
        <td style="width: 7.68%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="width: 6.92%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
        <td style="width: 7.8%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Million yen</div>
        </td>
        <td style="width: 6.16%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 9.76%;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Yen</div>
        </td>
      </tr>
      <tr>
        <td style="width: 7.04%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">28,733</div>
        </td>
        <td style="width: 7.5%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">21.7</div>
        </td>
        <td style="width: 7.8%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">23,217</div>
        </td>
        <td style="width: 6.92%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 7.68%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">22,541</div>
        </td>
        <td style="width: 6.92%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 7.68%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">15,868</div>
        </td>
        <td style="width: 6.92%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 7.8%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">12,058</div>
        </td>
        <td style="width: 6.16%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 9.76%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">240.42</div>
        </td>
      </tr>

  </table>
  <div style="text-align: left; margin-bottom: 10pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">For details regarding the performance forecasts above, please refer to the attached document &#8220;1.&#160; Analysis of Operating Results and
    Financial Position (5) Outlook for the Fiscal Year Ending December 31,2025&#8221;</div>
  <div style="text-align: left; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Notes:</div>
  <table cellspacing="0" cellpadding="0" id="z127b1bdcb4fc470bbe2ae052a004144c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 27pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Significant changes in the scope of consolidation during the period:&#160; Yes</div>
        </td>
      </tr>

  </table>
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      <tr>
        <td style="width: 27pt;"><br>
        </td>
        <td style="width: 100pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Newly included:</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Governance Partners Asia Limited Partnership<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Cullgen Australia Pty Ltd.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: left; margin-left: 27pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Excluded:&#160; -</div>
  <table cellspacing="0" cellpadding="0" id="z55dfbc0c7f184c1b96447b07f15bd533" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 2pt;">

      <tr>
        <td style="width: 27pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Changes in Accounting Policies and Changes in Accounting Estimates</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z7140a5f270eb4c498dc08029b94cb6b4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 2pt;">

      <tr>
        <td style="width: 27pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#9312;</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Changes in accounting policies that are required under IFRS:&#160; No</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="zb49b4e4f5e4c460d85f865b0415a7ebc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 2pt;">

      <tr>
        <td style="width: 27pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#9313;</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Changes in accounting policies other than <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9312;</font> :&#160; No.</div>
        </td>
      </tr>

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  <table cellspacing="0" cellpadding="0" id="z0dcf80e3b22c415a97736b16d882dba3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 2pt;">

      <tr>
        <td style="width: 27pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#9314;</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Changes in accounting estimates:&#160; No</div>
        </td>
      </tr>

  </table>
  <div>
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 2pt;">

        <tr>
          <td style="width: 27pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: left;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Number of Shares Issued (Ordinary Shares)</div>
          </td>
        </tr>

    </table>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="z8d930c95396448bc9e5f1d7f670831b7" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

      <tr>
        <td style="border-bottom: 0px solid #000000; border-left: 0px solid #000000; border-right: 0px; border-top: 0px solid #000000; vertical-align: middle; width: 4%;" colspan="1">&#160;</td>
        <td style="border-bottom: 0px solid #000000; border-left: 0px solid #000000; border-right: 0px; border-top: 0px solid #000000; vertical-align: middle; width: 5%;" colspan="1">&#9312;</td>
        <td style="border-bottom: 0px solid #000000; border-left: 0px solid #000000; border-top: 0px solid #000000; vertical-align: middle; width: 46%;" colspan="1">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Number of shares issued as of the end of the period (including treasury shares)</div>
        </td>
        <td style="width: 7%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024</div>
        </td>
        <td style="width: 16%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">50,168,243 shares</div>
        </td>
        <td style="width: 7%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 15%;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">49,857,243 shares</div>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: 0px solid #000000; border-left: 0px solid #000000; border-right: 0px; border-top: 0px solid #000000; vertical-align: middle; width: 4%;" colspan="1">&#160;</td>
        <td style="border-bottom: 0px solid #000000; border-left: 0px solid #000000; border-right: 0px; border-top: 0px solid #000000; vertical-align: middle; width: 5%;" colspan="1">&#9313;</td>
        <td style="border-bottom: 0px solid #000000; border-left: 0px solid #000000; border-top: 0px solid #000000; vertical-align: middle; width: 46%;" colspan="1">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Number of treasury shares as of the end of the period</div>
        </td>
        <td style="width: 7%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024</div>
        </td>
        <td style="width: 16%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">13,550 shares</div>
        </td>
        <td style="width: 7%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 15%;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">13,526 shares</div>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: 0px solid #000000; border-left: 0px solid #000000; border-right: 0px; border-top: 0px solid #000000; vertical-align: middle; width: 4%;" colspan="1">&#160;</td>
        <td style="border-bottom: 0px solid #000000; border-left: 0px solid #000000; border-right: 0px; border-top: 0px solid #000000; vertical-align: middle; width: 5%;" colspan="1">&#9314;</td>
        <td style="border-bottom: 0px solid #000000; border-left: 0px solid #000000; border-top: 0px solid #000000; vertical-align: middle; width: 46%;" colspan="1">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Average number of shares for the period</div>
        </td>
        <td style="width: 7%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024</div>
        </td>
        <td style="width: 16%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">50,007,923 shares</div>
        </td>
        <td style="width: 7%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 15%;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">47,752,120 shares</div>
        </td>
      </tr>

  </table>
  <div> <br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 2pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><br>
          </td>
        </tr>

    </table>
  </div>
  <table cellspacing="0" cellpadding="0" id="z5fd12846ae314e218553591131f18c96" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

      <tr>
        <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">This consolidated financial report is not subject to review by certified public accountants or an auditing firm.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z88ed78b692d34fa38b7f2f5c160fdd64" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

      <tr>
        <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Explanation Concerning the Proper Use of Financial Results Forecasts and Other Relevant Specific Items<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Forward-looking statements including earnings forecasts contained in this report are based on currently available information and management&#8217;s assumptions and beliefs regarding uncertainties that may impact future earnings forecasts.&#160;
            The Company cautions readers that actual results may differ materially from forecasts due to a variety of factors.&#160; For the assumptions that underpin financial results forecasts as well as other related items, please refer to &#8220;1. (5) Outlook
            for the Fiscal Year Ending December 31, 2025&#8221;.&#160; The&#160;Group is planning to conduct a corporate presentation meeting for institutional investors and analysts on February 20, 2025.&#160; The presentation material for the meeting will be disclosed in
            advance, and the contents of the Q&amp;A session, among other details, will be promptly disclosed after the meeting.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="zc7d87e06e8d04fe084b7cfd61f7e3212" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

      <tr>
        <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Please note that &#8220;-&#8221; is used if YoY change ratio for the current period and the previous period is negative, or if the change ratio is above 1,000%.</div>
        </td>
      </tr>

  </table>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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  <!--PROfilePageNumberReset%Num%1%-%-%-->
  <div style="text-align: right; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;"> <font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
        FY2024 Consolidated Financial Results</font></font></div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Contents</div>
  <div style="margin: 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">
    <table cellspacing="0" cellpadding="0" border="0" id="z19be29462d0047268ff4505b11a9a8ae" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1.</div>
          </td>
          <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="2">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Analysis of Operating Results and Financial Position</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Analysis of Operating Results</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Analysis of Financial Position</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Analysis of Cash Flows</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(4)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Research and Dvelopment Ativities</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(5)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Outlook for the Fiscal Year Ending December 31, 2025</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2.</div>
          </td>
          <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="2">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Basic Policy on the Selection of Accounting Standards</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3.</div>
          </td>
          <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="2">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consolidated Financial Statements and Notes</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consolidated Statements of Financial Position</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consolidated Statements of Income and Consolidated Statements of Comprehensive Income</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">9</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consolidated Statements of Changes in Equity</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">11</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(4)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consolidated Statements of Cash Flows</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">13</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(5)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Notes to the Consolidated Financial Statements</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">15</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;"><br>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Notes Related to Going Concern Assumptions)</div>
          </td>
          <td style="width: 3%; vertical-align: top; text-align: right;">15<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><br>
            </div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Basis of Preparation)</div>
          </td>
          <td style="width: 3%; vertical-align: top; text-align: right;">15<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><br>
            </div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Segment Information)</div>
            </div>
          </td>
          <td style="width: 3%; vertical-align: top; text-align: right;">19<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><br>
            </div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Earnings Per Share)</div>
            </div>
          </td>
          <td style="width: 3%; vertical-align: top; text-align: right;">19<br>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 91%; vertical-align: top;">(Important Subsequent Events)&#160;&#160;&#160; <br>
          </td>
          <td rowspan="1" style="width: 3%; vertical-align: top; text-align: right;">19 <br>
          </td>
        </tr>

    </table>
  </div>
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    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-1-</font></div>
    <div class="BRPFPageBreak" style="page-break-after: always;">
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  </div>
  <div>
    <div style="text-align: right;"> <font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
          FY2024 Consolidated Financial Results</font></font></div>
    <div><font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;"> <br>
        </font></font></div>
    <table cellspacing="0" cellpadding="0" id="z26252a433ecd4e2abbdc11cf61beb6a6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; text-align: right;">
            <div style="margin: 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">1.</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin: 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Analysis of Operating Results and Financial Position</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="text-indent: 0px;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1)</font> <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Analysis of
      Operating Results</font></div>
  <div style="text-indent: 0px;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
    </font></div>
  <div style="text-align: left; text-indent: 13.5pt; margin-bottom: 10pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In 2024, the global economy remained uncertain due to high geopolitical risks such as the prolonged Russian invasion
    of Ukraine and instability in the Middle East.&#160; In Japan, the Nikkei average stock price has recorded its first 40,000 yen level, and a certain level of growth is being seen against the backdrop of a solid employment environment and a recovery in
    tourism demand.&#160; However, currency volatility has increased, and price inflation has been driven by rising import costs.&#160; On the other hand, the pace of wage increases continues to be unable to keep up with rising prices, and reducing the burden on
    households and addressing sustainable economic growth have become issues.&#160; As for the biotechnology sector to which our company belongs and the Tokyo Stock Exchange Growth Market, the situation is not entirely optimistic due to concerns over continued
    interest rate hikes in Japan.</div>
  <div style="text-align: left; text-indent: 13.5pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Under these circumstances, GNI Group Co., Ltd. (&#8220;the Company&#8221; or &#8220;we&#8221;) and its affiliated companies (&#8220;the Group&#8221;) have
    been steadily promoting projects such as research and development, which the Group has been working on as a stepping stone to future business development, and the listing of subsidiary Cullgen Inc. (&#8220;Cullgen&#8221;), which have been undertaken by the Group
    as a whole, in order to become a global mid-sized pharmaceutical company.</div>
  <div style="text-align: left; text-indent: 13.5pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In the pharmaceutical and drug discovery Segments, Beijing Continent Pharmaceuticals Co., Ltd. (doing business as Gyre
    Pharmaceuticals Co., Ltd. &#8220;Gyre Pharmaceuticals&#8221;), a major subsidiary of the Group, maintained total annual sales of its main product, ETUARY&#174;, at the same level as last year, despite the anti-corruption campaign in the PRC lasting longer than
    expected.&#160; In order to gain a strong position in the pulmonary fibrosis field, we acquired the rights to manufacture and sell Nintedanib, which is indicated for pulmonary fibrosis other than Idiopathic Pulmonary Fibrosis (IPF) in May 2024.&#160;
    Furthermore, in the rare disease field (orphan drugs), Gyre Pharmaceuticals received manufacturing and commercial approval in June 2024 for avatrombopag maleate tablets, a treatment for thrombocytopenia due to chronic liver disease that it had been
    developing in the PRC and in January 2025, approval was granted for an expanded indication to include ITP (chronic idiopathic thrombocytopenia).&#160; As a result, it is expected that future sales revenue will increase by utilizing the existing sales
    network.</div>
  <div style="text-align: left; text-indent: 13.5pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In October 2024, Gyre Pharmaceuticals completed the Phase 3 clinical trial in the PRC for F351, a promising candidate
    for the next product, targeting liver fibrosis caused by hepatitis B, and is working diligently to disclose top-line data from the clinical trial.&#160; In addition, Gyre Pharmaceuticals is exploring its future global expansion as a treatment for liver
    fibrosis caused by MASH (metabolic dysfunction-associated steatohepatitis).</div>
  <div style="text-align: left; text-indent: 13.5pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As disclosed on November 14, 2024, Cullgen, a U.S. subsidiary that conducts research and development of innovative new
    drugs mainly in the U.S. and the PRC, announced that it will become a listed company on the Nasdaq market in the U.S. through a reverse merger.&#160; If successfully listed, it will be the second public company after Gyre Therapeutics.</div>
  <div style="text-align: left; text-indent: 13.5pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cullgen continues to advance drug discovery using its proprietary uSMITE&#8482; (ubiquitin-mediated, small molecule induced
    target elimination) targeted protein degradation inducer technology platform.&#160; Cullgen has signed a joint research and option agreement with Astellas Pharma Inc. (&#8220;Astellas Pharma&#8221;) to create innovative protein degradation inducers, and the joint
    research with Astellas Pharma in this strategic alliance is progressing smoothly.</div>
  <div style="text-align: left; text-indent: 13.5pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cullgen is currently conducting clinical trials in the PRC for CG001419 (development number) as the Company&#8217;s first
    TRK degrader anticancer drug candidate, and has begun Phase 1/2 clinical trials.&#160; In addition, Cullgen established a subsidiary in Australia, its third country after the PRC and the U.S., and began the Phase 1 clinical trial for acute and chronic pain
    in January 2025.&#160; Moreover, as disclosed&#160;on October 9, 2024, the IND (Investigational New Drug Application) for CG009301 (development number), a treatment for malignant hematological tumors (leukemia) being developed in the PRC and the U.S. has been
    approved.&#160; Research and development are also underway for several other programs with the aim of starting clinical trials.</div>
  <table cellspacing="0" cellpadding="0" id="ze785c3e09d2d47ffb7e5f8d1eb603092" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 3pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#9312;</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Operating Results by Segment</div>
        </td>
      </tr>

  </table>
  <div style="text-align: left; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><u>Pharmaceutical Segment</u></div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The revenue of the main product of Gyre Pharmaceuticals, ETUARY&#174; , remained steady in the Chinese market.&#160; Cullgen recorded revenue of
    JPY1,438 million from the joint development of targeted protein degraders with Astellas Pharma.&#160; As a result, the current consolidated fiscal year in the pharmaceutical segment, revenue and segment profit were JPY 18.3 billion down 20.3% YoY, and
    JPY0.3 billion, down 96.9% YoY, respectively.&#160; However, the segment profit remained steady, excluding a one-time revenue of upfront license fee from Astellas Pharma, and valuation gain on Gyre Therapeutics shares, both incurred in FY2023.</div>
  <div style="text-align: left; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><u>Medical Device Segment</u></div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In the Medical Device Segment, due to the inclusion of the newly established subsidiary in the consolidation last year, the segment revenue
    was JPY 5,307 billion, up 73.5% YoY, and the segment profit was JPY 10 billion, down 4.7% YoY, respectively.</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-2-</font></div>
    <div style="page-break-after: always;" class="BRPFPageBreak">
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  </div>
  <div style="text-align: right;"> <font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
        FY2024 Consolidated Financial Results</font></font></div>
  <div><font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;"> <br>
      </font></font></div>
  <table cellspacing="0" cellpadding="0" id="ze37df484531f403688756006c0d50266" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 3pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#9313;</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Selling, General and Administrative Expenses; Research and Development Expenses</div>
        </td>
      </tr>

  </table>
  <div style="text-align: right; margin-left: 7.2pt; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
  <table cellspacing="0" cellpadding="0" id="zdee874b7a2fe49b9a1d5e962c1c78165" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 47.09%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 17.64%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 13.65pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023</div>
        </td>
        <td style="width: 17.64%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 5.85pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 17.64%;">
          <div style="text-align: center; margin-right: 16.6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Difference</div>
        </td>
      </tr>
      <tr>
        <td style="width: 47.09%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Selling, general and administrative expenses</div>
        </td>
        <td style="width: 17.64%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(15,292,839)</div>
        </td>
        <td style="width: 17.64%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(15,771,868)</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 17.64%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(479,029)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 47.09%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Personnel expenses</div>
        </td>
        <td style="width: 17.64%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(5,318,748)</div>
        </td>
        <td style="width: 17.64%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(5,074,682)</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 17.64%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">244,065</div>
        </td>
      </tr>
      <tr>
        <td style="width: 47.09%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Research and development expenses</div>
        </td>
        <td style="width: 17.64%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(2,557,803)</div>
        </td>
        <td style="width: 17.64%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(2,811,801)</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 17.64%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(253,998)</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Selling, general and administrative (SG&amp;A) expenses for FY2024 were JPY 15.7 billion, up 3.1% YoY.</div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Research and development (R&amp;D) expenses for FY2024 were JPY 2.8 billion, up 9.9% YoY.&#160; The increase in R&amp;D expenses was mainly due
    to the progress of preclinical and clinical trials at Cullgen.</div>
  <table cellspacing="0" cellpadding="0" id="zfdaa84325c6d47979396426fc51f31d7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 3pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#9314;</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Finance Income and Finance Costs</div>
        </td>
      </tr>

  </table>
  <div style="text-align: right; margin-right: 3.6pt; margin-left: 7.2pt; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
  <table cellspacing="0" cellpadding="0" id="z6a0544c2879e4c64989364c667fc5f6f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 46.15%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 17.95%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023</div>
        </td>
        <td style="width: 17.95%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 17.96%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Difference</div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.15%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Finance income</div>
        </td>
        <td style="width: 17.95%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">771,527</div>
        </td>
        <td style="width: 17.95%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">707,799</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 17.96%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(63,728)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.15%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Finance costs</div>
        </td>
        <td style="width: 17.95%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(1,250,685)</div>
        </td>
        <td style="width: 17.95%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(1,880,621)</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 17.96%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(629,935)</div>
        </td>
      </tr>

  </table>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><u> <br>
    </u></div>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><u>Finance income</u></div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Finance income for FY2024 was JPY 707 million, down 8.3% YoY.&#160; This decrease of Finance Income was mainly due to decreased foreign exchange
    gain.</div>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><u>Finance costs</u></div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Finance costs for 2024 was JPY 1,880 million, up 50.4% YoY.&#160; This increase was mainly due to increased foreign exchange losses and non-cash
    interest expense related to Cullgen financing.</div>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-3-</font></div>
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold; text-align: right; text-indent: 0px;"><font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
            FY2024 Consolidated Financial Results<br>
            <br>
          </font></font></div>
      <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left; text-indent: 0px;"><font style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2) </font>Analysis


        of Financial Position</div>
    </div>
  </div>
  <div style="margin: 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"> <br>
  </div>
  <div style="margin: 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">The provisional accounting treatment for the business combination carried out in the previous consolidated fiscal year
    was finalized in this consolidated fiscal year.&#160; In accordance with the finalization of this provisional accounting treatment, the comparative information included in the consolidated financial statements for this consolidated fiscal year reflects a
    review of the initial allocation of the acquisition cost, and for comparison and analysis with the end of the previous consolidated fiscal year,&#160;the amount based on the final amount after reflecting this review is used.</div>
  <div style="text-align: center; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Summary of Consolidated Financial Position</div>
  <div style="text-align: right; margin-right: 3.6pt; margin-left: 7.2pt; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
  <table cellspacing="0" cellpadding="0" id="zdb686b8634c14ffb99612fa33af60d89" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As of December 31, 2023</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As of December 31, 2024</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 25%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Difference</div>
        </td>
      </tr>
      <tr>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total assets</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">64,269,302</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">69,947,020</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 25%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">5,677,718</div>
        </td>
      </tr>
      <tr>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total liabilities</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">27,764,834</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">30,273,460</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 25%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,508,625</div>
        </td>
      </tr>
      <tr>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total equity</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">36,504,467</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">39,673,560</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 25%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">3,169,092</div>
        </td>
      </tr>

  </table>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><u> <br>
    </u></div>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><u>Total assets</u></div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As of FY 2024 year-end, total assets stood at 69.9 billion, up 8.8% compared to the previous fiscal year end.&#160; This increase in total
    assets was mainly due to an increase in Non-current Intangible Assets.</div>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><u>Total liabilities</u></div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As of FY 2024 year-end, total liabilities stood at 30.2 billion, up 9.0% compared to the previous fiscal year end.&#160; This increase in total
    liabilities was mainly due to an increase in short-term borrowings.</div>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><u>Total equity</u></div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As of FY 2024 year-end, total equity stood at 39.6 billion, up 8.7% compared to the previous fiscal year end.&#160; This increase decrease was
    mainly due to increased other components of equity.</div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-weight: bold;">(3) Analysis of Cash Flows</font></div>
  <div style="text-align: center; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Summary of Consolidated Cash Flows</div>
  <div style="text-align: right; margin-right: 3.6pt; margin-left: 7.2pt; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
  <table cellspacing="0" cellpadding="0" border="0" id="z8f957b0405634fdf90e6fa0541073c6e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024</div>
        </td>
        <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; width: 25%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Difference</div>
        </td>
      </tr>
      <tr>
        <td style="width: 25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cash flows from operating activities</div>
        </td>
        <td style="width: 25%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">6,549,337</div>
        </td>
        <td style="width: 25%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(3,164,422)</div>
        </td>
        <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: middle; width: 25%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(9,713,759)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cash flows from investing activities</div>
        </td>
        <td style="width: 25%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(6,842,661)</div>
        </td>
        <td style="width: 25%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(10,361,330)</div>
        </td>
        <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: middle; width: 25%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(3,518,669)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cash flows from financing activities</div>
        </td>
        <td style="width: 25%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">10,686,556</div>
        </td>
        <td style="width: 25%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">694,161</div>
        </td>
        <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: middle; width: 25%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(9,992,394)</div>
        </td>
      </tr>

  </table>
  <div style="text-align: left; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><u>Cash flows from operating activities</u></div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The cash flow from operating activities was 3.1 billion (cash outflow) in FY2024 (it was 6.5 billion cash inflow in FY2023).&#160; This outflow
    of cash was mainly due to increased payment of corporate income taxes.</div>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><u>Cash flows from investing activities</u></div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The cash flow from investing activities was 10.3 billion (cash outflow) in FY2024 (it was 6.8 billion cash outflow in FY2023).&#160; This was
    mainly due to an increase in leasehold and guarantee deposits and the purchase of securities.</div>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><u>Cash flows from financing activities</u></div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The cash flow from financing activities was 0.6 billion (cash inflow) in FY2024 (it was 10.6 billion cash inflow in FY2023).&#160; This was
    mainly due to an increase in short-term borrowings, and inflow from capital contribution from non-controlling interests.</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-4-</font></div>
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: right; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
        FY2024 Consolidated Financial Results</font></font></div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-weight: bold;">(4) Research and Dvelopment Ativities</font><br>
  </div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">[Research Activities]<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
    </font>The Group&#8217;s drug discovery research aims to develop innovative new candidate compounds (NCEs) centered around Cullgen.&#160; Cullgen is conducting research and development to expand its drug discovery pipeline, which includes multiple novel compounds
    targeting enzyme and non-enzyme proteins for cancer, pain, and autoimmune diseases.</div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font>In June 2023, Cullgen entered into a collaboration
    and exclusive option agreement with Astellas Pharma to create innovative protein degradation inducers.&#160; In this strategic alliance, the two companies will combine Cullgen&#8217;s proprietary technology platform uSMITE&#8482; utilizing novel E3 ligands with
    Astellas Pharma&#8217;s drug discovery and commercialization capabilities to create multiple targeted protein degradation inducers.&#160; Cullgen and Astellas Pharma will collaborate to discover compounds for clinical development, and Astellas Pharma will be
    responsible for the development and commercialization of the discovered degraders.&#160; Collaborative research with Astellas Pharma, including candidate degraders for cell cycle proteins, which are lead programs identified by Astellas Pharma for breast
    cancer and other solid cancers, is progressing smoothly.</div>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">[Development Activities]</div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z84198e9a61e745059a9a086379a9d10e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#9632;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; text-indent: 0px;">ETUARY<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> [Chinese:&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#33406;&#24605;&#29790;</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> ,
              (Generic name:&#160; Pirfenidone)] - Gyre Pharmaceuticals</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Gyre Pharmaceuticals is conducting clinical trials to expand the indications of ETUARY<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> to the following diseases:</div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z3b1b7ab8ea5b4c1cb5f6a1a6034060fe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 4.5pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; margin-left: 4.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; text-indent: 0px;">Diabetic nephropathy (DKD):&#160; Phase 1 clinical trials completed, discussing further steps with Chinese authorities</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z3f55b91eb5814c60aa765cb37a4f888a" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="text-align: right; vertical-align: top; width: 4.5pt;">
            <div style="text-indent: 4.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8226;</font></div>
          </td>
          <td style="text-align: left; vertical-align: top; width: auto;">
            <div style="text-indent: 0px;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Connective Tissue Diseases Associated Interstitial Lung Disease (CTD-LID) (systemic sclerosis (SSc-ILD) and dermatomyositis (DM-ILD)):&#160;
                Phase 3 clinical trials ongoing</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="zd7092ade0fe24e29b6c2b75942f921f1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 0pt; vertical-align: top; text-align: right;">
            <div style="margin: 0px 0px 0px 4.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin: 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; text-indent: 0px;">Pneumoconiosis treatment drug (Pneumoconiosis, PD):&#160; Phase 3 clinical trials ongoing</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="zd7537a2525b74be88a8642eaa6f12d2b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#9632;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; text-indent: 0px;">Nintedanib - Gyre Pharmaceuticals</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Nintedanib is a treatment drug indicated for IPF, systemic sclerosis-associated interstitial lung disease (SSc-ILD) and progressive
    fibrotic interstitial lung disease (PF-ILD).&#160; In May 2024, Gyre Pharmaceuticals acquired the rights to manufacturing and commercial rights from Jiangsu Vanguard Pharmaceutical Co., Ltd..</div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z2acfaa23c77d45f89e168c83b2ac327c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#9632;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; text-indent: 0px;">F351 (Generic name:&#160; Hydronidone) - Gyre Pharmaceuticals and Gyre Therapeutics</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">F351 is a potential treatment for liver fibrosis and an important new drug candidate in our pharmaceutical portfolio, which&#160;will be a key part of our strategy
    to enter major pharmaceutical markets around the world.&#160; F351 is a potential blockbuster drug candidate.</div>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br>
  </div>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Gyre Pharmaceuticals completed the Phase 3 clinical trial in patients with liver fibrosis caused by chronic hepatitis B in the PRC in October 2024.&#160; The
    top-line results of Phase 3 are expected to be released in Q1 2025.</div>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br>
  </div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Gyre Pharmaceuticals is exploring its future global expansion as a treatment for liver fibrosis caused by MASH (metabolic
    dysfunction-associated steatohepatitis).</div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z24f31ee6204f4308b3bd237993211a8c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#9632;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; text-indent: 0px;">F573 [for Acute Liver Failure (ALF) and Acute on Chronic Liver Failure (ACLF)] - Gyre Pharmaceuticals</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Gyre Pharmaceuticals is conducting the Phase 2 clinical trial of F573 as a treatment for ALF/ACLF, with the Phase 2 clinical trial is
    expected to be completed by the end of 2026.</div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z495ae7897d3f4f398f3ad8193a3b2352" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#9632;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; text-indent: 0px;">F230 [for Pulmonary Arterial Hypertension (PAH)] - Gyre Pharmaceuticals</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">F230 is a drug in collaboration with Eisai for the treatment of PAH, and Gyre Pharmaceuticals received IND (Investigative Drug Application)
    approval in the PRC in May 2024.&#160; The Phase 1 clinical trial is scheduled to begin in May 2025.</div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z2d26f940eb67464ebfc683872f0a75b3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#9632;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; text-indent: 0px;">F528 [for Chronic Obstructive Pulmonary Disease (COPD)] - Gyre Pharmaceuticals</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">F528 is a novel anti-inflammatory agent that suppresses multiple inflammatory cytokines, and Gyre Pharmaceuticals is conducting research
    and development of it as a new drug candidate that may reduce the progression of COPD.&#160; IND application is planned for December 2025.</div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z58ea2d6c66684853ac05d72909b6b69f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#9632;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; text-indent: 0px;">CG001419 (TRK degrader) - Cullgen</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">CG001419 is an oral drug utilizing the industry&#8217;s first selective and potent targeted protein degrader.&#160; In July 2023, Cullgen initiated
    its first clinical trial (Phase 1/2) for the TRK degrader in the PRC.&#160; In addition, in January 2025, Cullgen began the Phase 1 clinical trial in Australia for acute and chronic pain.</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-5-</font></div>
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div>
    <div style="text-align: right;"> <font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
          FY2024 Consolidated Financial Results</font></font></div>
    <div><font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;"> <br>
        </font></font></div>
    <table cellspacing="0" cellpadding="0" id="zfc59c17324374916856caeb01bff1859" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#9632;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; text-indent: 0px;">CG009301 (malignant hematologic tumor (leukemia) treatment) &#8211; Cullgen</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">CG009301 is a novel degrader targeting the GSPT1 protein, and the National Medical Products Administration (NMPA) approved the IND in
    October 2024.&#160; We will move to clinical trials promptly.</div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z639c286c85bd471db0b69aa80cfccf8a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#9632;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; text-indent: 0px;">Other Generic Orphan Drugs - Gyre Pharmaceuticals</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="margin: 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Gyre Pharmaceuticals obtained sales approval for avatrombopag maleate tablets, a treatment for thrombocytopenia due to chronic liver
    disease, to expand its pipeline of orphan drugs in June 2024, and received approval to expand the indication to include ITP (chronic idiopathic thrombocytopenia) in January 2025.</div>
  <div style="margin: 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> <br>
  </div>
  <div style="margin: 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-weight: bold;">(5) Outlook for the Fiscal Year Ending December 31, 2025</font><br>
  </div>
  <div style="margin: 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> <br>
  </div>
  <div style="text-align: left; text-indent: 9pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In the fiscal year 2025, we expect the sales revenue and profits of our core business, the Pharmaceutical Segment, to
    remain strong.&#160; Gyre Pharmaceuticals is expected to continue to lead our group by leveraging its existing sales network and expanding its sales lineup.&#160; In addition, we anticipate Cullgen to make steady progress in research and development.&#160; Further,
    we announced that we expect to record other income of approximately 14,764 million yen (including approximately 10,768 million yen in stock valuation gains) in connection with our listing on the Nasdaq market through a reverse merger with Pulmatrix,
    Inc..&#160; The timing of converting Cullgen&#8217;s preferred shares into common shares and valuing them at market value will be determined by the opening price on the day of Cullgen&#8217;s public offering.&#160; Cullgen&#8217;s milestone revenue are not included in our
    earnings forecast for the fiscal year 2025.</div>
  <div>
    <table cellspacing="0" cellpadding="0" id="zd23e8c2b4c8842e9bb7a43875f30de57" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2.</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Basic Policy on the Selection of Accounting Standards</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">GNI Group applies International Financial Reporting Standards [IFRS].</div>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-6-</font></div>
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div>
    <div style="text-align: right;"> <font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
          FY2024 Consolidated Financial Results</font></font></div>
    <div><font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;"> <br>
        </font></font></div>
    <table cellspacing="0" cellpadding="0" id="zd70a626e57d34db58d5e9c8c5b3fc293" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; text-align: right;">
            <div style="text-align: left; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3.</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: left; margin-bottom: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consolidated Financial Statements and Notes</div>
          </td>
        </tr>

    </table>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z6239aac520af4c729b55d30545ebbb19" class="DSPFListTable">

          <tr style="vertical-align: top;">
            <td style="text-align: right; vertical-align: top; width: 36pt;">
              <div style="text-align: left;">(1)</div>
            </td>
            <td style="text-align: left; vertical-align: top; width: auto;">
              <div>Consolidated Statements of Financial Position</div>
            </td>
          </tr>

      </table>
    </div>
    <div> <br>
    </div>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="zb13fae9c343b4129acaa38197f5012ff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
        <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 21.54%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>(As of Dec 31, 2023)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>(As of Dec 31, 2024)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top; border-top: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Assets</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Non-current assets</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Property, plant and equipment</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">5,079,299</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">5,696,491</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Right-of-use assets</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">814,513</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,559,345</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Goodwill</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">14,246,433</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">15,994,981</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Intangible assets</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">8,852,943</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">11,026,585</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Investments accounted for using the equity method</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">360,821</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">386,978</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Deferred tax assets</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">304,436</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">238,914</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other financial assets</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">3,793,224</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">5,764,350</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other non-current assets</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">23,811</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">56,730</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total non-current assets</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">33,475,483</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">40,724,377</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Current assets</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; text-align: right;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: top; text-align: right;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Inventories</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,217,158</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,529,642</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Trade and other receivables</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">3,973,476</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">6,236,284</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other financial assets</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,577,274</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">9,291,037</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other current assets</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,392,881</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,050,642</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cash and cash equivalents</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">21,633,028</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">10,115,037</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total current assets</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">30,793,818</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">29,222,643</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top; padding-bottom: 4px;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total assets</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">64,269,302</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">69,947,020</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Liabilities and equity</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; text-align: right;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: top; text-align: right;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Non-current liabilities</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; text-align: right;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: top; text-align: right;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Loans Payable</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,600,000</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,200,000</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Lease liabilities</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">150,276</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">735,590</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Deferred tax liabilities</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,363,680</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,785,240</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other financial liabilities</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">15,139,232</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">15,454,160</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other non-current liabilities</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">85,146</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">203,422</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total non-current liabilities</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">19,338,336</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">19,378,414</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Current liabilities</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; text-align: right;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: top; text-align: right;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Trade and other payables</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,064,776</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,263,911</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Borrowings</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,300,000</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">4,575,000</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Current portion of long-term borrowings</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">400,000</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">400,000</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Lease liabilities</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">249,158</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">295,289</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Current tax payable</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,187,700</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,041,718</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other financial liabilities</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">49,010</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">888</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other current liabilities</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,175,853</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,318,237</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total current liabilities</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">8,426,498</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">10,895,045</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total liabilities</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">27,764,834</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">30,273,460</div>
        </td>
      </tr>

  </table>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-7-</font></div>
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div>
    <div style="text-align: right;"> <font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
          FY2024 Consolidated Financial Results</font></font></div>
    <div><font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;"> <br>
        </font></font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="text-align: right; vertical-align: top; width: 36pt;">
            <div style="text-align: left; font-weight: bold;">(1)</div>
          </td>
          <td style="text-align: left; vertical-align: top; width: auto;">
            <div style="font-weight: bold;">Consolidated Statements of Financial Position</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="text-align: right;">Thousand yen </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 21.54%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>(As of Dec 31, 2023)</div>
            </td>
            <td style="width: 21.53%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>(As of Dec 31, 2024)</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 56.93%; vertical-align: top; border-top: #000000 2px solid;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Equity</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Share capital</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">13,052,056</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">13,276,700</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Capital surplus</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">7,397,974</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">6,626,254</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Treasury shares</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(15,302)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(15,372)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Retained earnings (loss)</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">8,790,563</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">9,768,222</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other components of equity</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">4,569,122</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">6,749,971</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total equity attributable to owners of parent</div>
        </td>
        <td style="width: 21.54%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">33,794,414</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">36,405,775</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Non-controlling interests</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,710,053</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">3,267,785</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total equity</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">36,504,467</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">39,673,560</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.93%; vertical-align: top; padding-bottom: 4px;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total equity and liabilities</div>
        </td>
        <td style="width: 21.54%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">64,269,302</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
        <td style="width: 21.53%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">69,947,020</div>
          </div>
        </td>
      </tr>

  </table>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-8-</font></div>
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div>
    <div style="text-align: right;"> <font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
          FY2024 Consolidated Financial Results</font></font></div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z8fe845330ab44e0a9da6ed3b124448e0" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="text-align: right; vertical-align: top; width: 36pt;">
            <div style="text-align: left; font-weight: bold;">(2)</div>
          </td>
          <td style="text-align: left; vertical-align: top; width: auto;">
            <div style="font-weight: bold;">Consolidated Statements of Income and Consolidated Statements of Comprehensive Income</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="margin-bottom: 3pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z1128d07d8c3a43b3991c5e41ddba8b69" class="DSPFListTable">

          <tr style="vertical-align: top;">
            <td style="text-align: right; vertical-align: top; width: 36pt;">
              <div><br>
              </div>
            </td>
            <td style="text-align: left; vertical-align: top; width: auto; font-weight: bold;">
              <div><u>Consolidated Statements of Income</u></div>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="zd0bbdf5ecf6043aba987bda0c306d609" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 57%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 22%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>(Jan 1, 2023 to Dec 31, 2023)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 22%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>(Jan 1, 2024 to Dec 31, 2024)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Revenue</div>
        </td>
        <td style="width: 22%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">26,010,571</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 22%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">23,611,705</div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cost of sales</div>
        </td>
        <td style="width: 22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(3,579,396)</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(5,574,590)</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Gross profit</div>
        </td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">22,431,175</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">18,037,115</div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Selling, general and administrative expenses</div>
        </td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(15,292,839)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(15,771,868)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Research and development expenses</div>
        </td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(2,557,803)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(2,811,801)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other income</div>
        </td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">9,147,345</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,434,432</div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other expenses</div>
        </td>
        <td style="width: 22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(619,035)</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(485,576)</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Operating profit</div>
        </td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">13,108,843</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,402,301</div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Finance income</div>
        </td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">771,527</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">707,799</div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Finance costs</div>
        </td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(1,250,685)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(1,880,621)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Equity Losses of Affiliated Companies</div>
        </td>
        <td style="width: 22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(16,936)</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">8,705</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Profit before tax</div>
        </td>
        <td style="width: 22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">12,612,748</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">238,185</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Income tax expense</div>
        </td>
        <td style="width: 22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(3,108,669)</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td style="width: 22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(368,324)</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top; padding-bottom: 4px;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Profit (loss) for the year</div>
        </td>
        <td style="width: 22%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">9,504,078</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
        <td style="width: 22%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(130,139)</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Profit (loss) attributable to:</div>
        </td>
        <td style="width: 22%; vertical-align: top; text-align: right;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: top; text-align: right;">&#160;</td>
        <td style="width: 22%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Owners of parent</div>
        </td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">8,094,202</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">977,658</div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Non-controlling interests</div>
        </td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,409,875</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(1,107,798)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Earnings per share</div>
        </td>
        <td style="width: 22%; vertical-align: top; text-align: right;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: top; text-align: right;">&#160;</td>
        <td style="width: 22%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Basic earnings per share (Yen)</div>
        </td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">169.50</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">19.55</div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Diluted earnings per share (Yen)</div>
        </td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">165.56</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">18.83</div>
        </td>
      </tr>

  </table>
  <div style="margin-bottom: 6pt;"><br>
  </div>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-9-</font></div>
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div>
    <div style="text-align: right;"> <font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
          FY2024 Consolidated Financial Results</font></font></div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z985c4571483f4017aee09500c7833c05" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="text-align: right; vertical-align: top; width: 36pt;">
            <div><br>
            </div>
          </td>
          <td style="text-align: left; vertical-align: top; width: auto; font-weight: bold;">
            <div><u>Consolidated Statements of Comprehensive Income</u></div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div>
      <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
    </div>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="zc6a30a790605471295b11d91afb3fdd9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 57%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 22%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>(Jan 1, 2023 to Dec 31, 2023)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">&#160;</td>
        <td style="width: 22%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>(Jan 1, 2024 to Dec 31, 2024)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Profit (loss) for the year</div>
        </td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">9,504,078</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(130,139)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other comprehensive income</div>
        </td>
        <td style="width: 22%; vertical-align: top; text-align: right;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: top; text-align: right;">&#160;</td>
        <td style="width: 22%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Items that may be reclassified to profit or loss, net of tax</div>
        </td>
        <td style="width: 22%; vertical-align: top; text-align: right;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: top; text-align: right;">&#160;</td>
        <td style="width: 22%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; margin-left: 16.6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Exchange differences on translation of foreign operations</div>
        </td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,150,717</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,367,183</div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 16.6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Share in Other Comprehensive Income for Equity Method Investees</div>
        </td>
        <td style="width: 22%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">7,824</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
        <td style="width: 22%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">31,895</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 16.6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total other comprehensive income</div>
        </td>
        <td style="width: 22%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,158,541</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
        <td style="width: 22%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,399,079&#160; </div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top; padding-bottom: 4px;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total comprehensive income for the year</div>
        </td>
        <td style="width: 22%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">10,662,620</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        <td style="width: 22%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,268,939</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total comprehensive income for the year attributable to:</div>
        </td>
        <td style="width: 22%; vertical-align: top; text-align: right;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: top; text-align: right;">&#160;</td>
        <td style="width: 22%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Owners of the parent</div>
        </td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">8,916,299</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">3,100,605</div>
        </td>
      </tr>
      <tr>
        <td style="width: 57%; vertical-align: top;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Non-controlling interests</div>
        </td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,746,321</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 22%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(831,665)</div>
        </td>
      </tr>

  </table>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-10-</font></div>
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div>
    <div style="text-align: right;"> <font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
          FY2024 Consolidated Financial Results</font></font></div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="ze2111e0de0ef47c79058b660747f98e0" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="text-align: right; vertical-align: top; width: 36pt;">
            <div style="margin-bottom: 6pt; text-align: left; font-weight: bold;">(3)</div>
          </td>
          <td style="text-align: left; vertical-align: top; width: auto;">
            <div style="margin-bottom: 6pt; font-weight: bold;">Consolidated Statements of Changes in Equity</div>
          </td>
        </tr>

    </table>
  </div>
  <table cellspacing="0" cellpadding="0" id="zbb1e9055a7814bd5bd665e8f62bcac7c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 100%; vertical-align: middle;" colspan="8">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Thousand yen</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
        <td style="width: 73.07%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="7">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Attributable to owners of parent</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top;">&#160;</td>
        <td style="width: 10.58%; vertical-align: top;">&#160;</td>
        <td style="width: 9.62%; vertical-align: top;">&#160;</td>
        <td style="width: 9.62%; vertical-align: top;">&#160;</td>
        <td style="width: 10.58%; vertical-align: top;">&#160;</td>
        <td style="width: 32.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Other components of equity</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 10.58%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Share capital</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Capital surplus</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Treasury shares</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Retained earnings</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Subscription rights to shares</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Exch. diff on translation of foreign operations</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Total</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Balance as of Jan 1, 2023</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">10,893,070</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">6,233,386</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(756)</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">696,360</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">824,192</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">2,323,439</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">3,147,631</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top; border-top: #000000 2px solid;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Profit for the year</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">8,094,202</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Other comprehensive income</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">822,096</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">822,096</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Total comprehensive income</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">8,094,202</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">822,096</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">822,096</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top; border-top: #000000 2px solid;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Change in scope of consolidation</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Changes in ownership interest in subsidiaries</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(999,553)</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(80,129)</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(80,129)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Issuance of new shares</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">2,166,261</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">2,166,261</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Share issue costs</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(7,275)</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(7,275)</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Share-based payment transactions</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">755,072</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">755,072</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Issuance of share acquisition rights</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">5,568</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">5,568</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">SRS issuance cost</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(7,124)</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(7,124)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Exercise of share acquisition rights</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(16,394)</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(16,394)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Cancellation of share acquisition rights</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; text-align: right;">&#160;</td>
        <td style="width: 9.62%; vertical-align: middle; text-align: right;">&#160;</td>
        <td style="width: 9.62%; vertical-align: middle; text-align: right;">&#160;</td>
        <td style="width: 10.58%; vertical-align: middle; text-align: right;">&#160;</td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(35,872)</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; text-align: right;">&#160;</td>
        <td style="width: 9.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(35,872)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Forfeiture of share acquisition rights</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(21,725)</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(21,725)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Purchase of treasury shares</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(14,546)</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Other</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">5,155</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Total amount of transactions with owners</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">2,158,985</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">1,164,587</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(14,546)</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">679,524</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(80,129)</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">599,394</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.93%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Balance as of Dec 31, 2023</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">13,052,056</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">7,397,974</div>
        </td>
        <td style="width: 9.62%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(15,302)</div>
        </td>
        <td style="width: 10.58%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">8,790,563</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">1,503,717</div>
        </td>
        <td style="width: 11.54%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">3,065,405</div>
        </td>
        <td style="width: 9.6%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">4,569,122</div>
        </td>
      </tr>

  </table>
  <div style="margin-bottom: 6pt;"><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="z6efebf38d63e4e76ba8534cac81562d7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">&#160;</td>
        <td style="width: 11%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Equity<font style="font-size: 8pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>attributable to<font style="font-size: 8pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>owners<font style="font-size: 8pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>of parent</div>
        </td>
        <td style="width: 10%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Non-controlling interests</div>
        </td>
        <td style="width: 10%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Total equity</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 11%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Total</div>
        </td>
        <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td colspan="1" style="width: 45%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Balance as of Jan 1 2023</div>
        </td>
        <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">20,969,692</div>
        </td>
        <td style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(1,158,724)</div>
        </td>
        <td style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">19,810,968</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; margin-left: 3.1pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Profit for the year</div>
        </td>
        <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">8,094,202</div>
        </td>
        <td style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">1,409,875</div>
        </td>
        <td style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">9,504,078</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; margin-left: 3.1pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Other comprehensive income</div>
        </td>
        <td style="width: 11%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">822,096</div>
        </td>
        <td style="width: 10%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">336,445</div>
        </td>
        <td style="width: 10%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">1,158,541</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Total comprehensive income</div>
        </td>
        <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">8,916,299</div>
        </td>
        <td style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">1,746,321</div>
        </td>
        <td style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">10,662,620</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; margin-left: 3.1pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Change in scope of consolidation</div>
        </td>
        <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">1,042,772</div>
        </td>
        <td style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">1,042,772</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top;">
          <div style="text-align: left; margin-left: 3.1pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Changes in ownership interest in subsidiaries</div>
        </td>
        <td style="width: 11%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(1,079,683)</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">1,079,683</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top;">
          <div style="text-align: left; margin-left: 3.1pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Issuance of new shares</div>
        </td>
        <td style="width: 11%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">4,332,523</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">4,332,523</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top;">
          <div style="text-align: left; margin-left: 3.1pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Share issue costs</div>
        </td>
        <td style="width: 11%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(14,551)</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(14,551)</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top;">
          <div style="text-align: left; margin-left: 3.1pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Share-based payment transactions</div>
        </td>
        <td style="width: 11%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">755,072</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">755,072</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top;">
          <div style="text-align: left; margin-left: 3.1pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Issuance of share acquisition rights</div>
        </td>
        <td style="width: 11%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">5,568</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">5,568</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top;">
          <div style="text-align: left; margin-left: 3.1pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">SRS issuance cost</div>
        </td>
        <td style="width: 11%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(7,124)</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(7,124)</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top;">
          <div style="text-align: left; margin-left: 3.1pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Exercise of share acquisition rights</div>
        </td>
        <td style="width: 11%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(16,394)</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(16,394)</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top;">
          <div style="text-align: left; margin-left: 3.1pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Cancellation of share acquisition rights</div>
        </td>
        <td style="width: 11%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(35,872)</div>
        </td>
        <td style="width: 10%; vertical-align: middle; text-align: right;">&#160;</td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(35,872)</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top;">
          <div style="text-align: left; margin-left: 3.1pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Forfeiture of share acquisition rights</div>
        </td>
        <td style="width: 11%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(21,725)</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(21,725)</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top;">
          <div style="text-align: left; margin-left: 3.1pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Purchase of treasury shares</div>
        </td>
        <td style="width: 11%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(14,546)</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(14,546)</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; margin-left: 3.1pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Other</div>
        </td>
        <td style="width: 11%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">5,155</div>
        </td>
        <td style="width: 10%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">5,155</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Total amount of transactions with owners</div>
        </td>
        <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">3,908,421</div>
        </td>
        <td style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">2,122,456</div>
        </td>
        <td style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">6,030,878</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Balance as of Dec 31 2023</div>
        </td>
        <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">33,794,414</div>
        </td>
        <td style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">2,710,053</div>
        </td>
        <td style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">36,504,467</div>
        </td>
        <td colspan="1" style="width: 45%; vertical-align: middle; padding-bottom: 4px;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-11-</font></div>
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: right;"><font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
        FY2024 Consolidated Financial Results</font></font> </div>
  <div style="margin-bottom: 3pt;">
    <div style="text-align: right; margin-right: 20.9pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;"> <br>
    </div>
    <div style="margin: 0px 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: right;">Thousand yen</div>
  </div>
  <table cellspacing="0" cellpadding="0" id="zeafe7ab63f7d4a2fa2accfd920489d1f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 22.54%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
        <td style="width: 77.46%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="7">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Attributable to owners of parent</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top;">&#160;</td>
        <td style="width: 11.63%; vertical-align: top;">&#160;</td>
        <td style="width: 11.63%; vertical-align: top;">&#160;</td>
        <td style="width: 12.6%; vertical-align: top;">&#160;</td>
        <td style="width: 9.69%; vertical-align: top;">&#160;</td>
        <td style="width: 31.92%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="3">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Other components of equity</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 11.63%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Share capital</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Capital surplus</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Treasury shares</div>
        </td>
        <td style="width: 9.69%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Retained earnings</div>
        </td>
        <td style="width: 10.66%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Subscription rights to shares</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Exch. diff on translation of foreign<font style="font-size: 8pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>operations</div>
        </td>
        <td style="width: 8.66%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Total</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Balance as of Jan 1, 2024</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">13,052,056</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">7,397,974</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(15,302)</div>
        </td>
        <td style="width: 9.69%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">8,790,563</div>
        </td>
        <td style="width: 10.66%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">1,503,717</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">3,065,405</div>
        </td>
        <td style="width: 8.66%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">4,569,122</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top; border-top: #000000 2px solid;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Profit (loss) for the year</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.69%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">977,658</div>
        </td>
        <td style="width: 10.66%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 8.66%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Other comprehensive income</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.69%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.66%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">2,122,946</div>
        </td>
        <td style="width: 8.66%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">2,122,946</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Total comprehensive income</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.69%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">977,658</div>
        </td>
        <td style="width: 10.66%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">2,122,946</div>
        </td>
        <td style="width: 8.66%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">2,122,946</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top; border-top: #000000 2px solid;">
          <div style="text-align: left; margin-left: 4.2pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Change in scope of consolidation</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.69%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.66%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 8.66%; vertical-align: middle; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top;">
          <div style="text-align: left; margin-left: 4.2pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Changes in ownership<font style="font-size: 8pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>interest in subsidiaries</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(996,363)</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.69%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.66%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(55,221)</div>
        </td>
        <td style="width: 8.66%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(55,221)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top;">
          <div style="text-align: left; margin-left: 4.2pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Issuance of new shares</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">227,911</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">227,911</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.69%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.66%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 8.66%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top;">
          <div style="text-align: left; margin-left: 4.2pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Stock issue costs</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(3,267)</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(3,267)</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.69%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.66%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 8.66%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top;">
          <div style="text-align: left; margin-left: 4.2pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Share-based payment transactions</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.69%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.66%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">239,437</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 8.66%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">239,437</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top;">
          <div style="text-align: left; margin-left: 4.2pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Issuance of share acquisition rights</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.69%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.66%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">326</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 8.66%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">326</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top;">
          <div style="text-align: left; margin-left: 4.2pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Issuance cost of share acquisition rights</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.69%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.66%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(4,958)</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 8.66%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(4,958)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top;">
          <div style="text-align: left; margin-left: 4.2pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Exercise of share acquisition rights</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 9.69%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.66%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(121,682)</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 8.66%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(121,682)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: left; margin-left: 4.2pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Purchase of treasury shares</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(69)</div>
        </td>
        <td style="width: 9.69%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.66%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 8.66%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Total amount of transactions with owners</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">224,644</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(771,719)</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(69)</div>
        </td>
        <td style="width: 9.69%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 10.66%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">113,122</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(55,221)</div>
        </td>
        <td style="width: 8.66%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">57,901</div>
        </td>
      </tr>
      <tr>
        <td style="width: 22.54%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Balance as of Dec 31, 2024</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">13,276,700</div>
        </td>
        <td style="width: 11.63%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">6,626,254</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(15,372)</div>
        </td>
        <td style="width: 9.69%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">9,768,222</div>
        </td>
        <td style="width: 10.66%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">1,616,839</div>
        </td>
        <td style="width: 12.6%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">5,133,131</div>
        </td>
        <td style="width: 8.66%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">6,749,971</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="z0e412306c0b9431791b2128d82ea8156" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 23%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">&#160;</td>
        <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Equity<font style="font-size: 8pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>attributable to<font style="font-size: 8pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>owners<font style="font-size: 8pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>of parent</div>
        </td>
        <td style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Non-controlling interests</div>
        </td>
        <td style="width: 13%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Total equity</div>
        </td>
        <td colspan="1" style="width: 43%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 23%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Total</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td colspan="1" style="width: 43%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 23%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Balance as of Jan 1 2024</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">33,794,414</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">2,710,053</div>
        </td>
        <td style="width: 13%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">36,504,467</div>
        </td>
        <td colspan="1" style="width: 43%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 23%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Profit (loss) for the year</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">977,658</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(1,107,798)</div>
        </td>
        <td style="width: 13%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(130,139)</div>
        </td>
        <td colspan="1" style="width: 43%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 23%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Other comprehensive income</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">2,122,946</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">276,132</div>
        </td>
        <td style="width: 13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">2,399,079</div>
        </td>
        <td colspan="1" style="width: 43%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 23%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Total comprehensive income</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">3,100,605</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(831,665)</div>
        </td>
        <td style="width: 13%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">2,268,939</div>
        </td>
        <td colspan="1" style="width: 43%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 23%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; margin-left: 2.9pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Change in scope of consolidation</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">91,244</div>
        </td>
        <td style="width: 13%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">91,244</div>
        </td>
        <td colspan="1" style="width: 43%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 23%; vertical-align: top;">
          <div style="text-align: left; margin-left: 2.9pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Changes in ownership interest in subsidiaries</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(1,051,584)</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">1,298,152</div>
        </td>
        <td style="width: 13%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">246,567</div>
        </td>
        <td colspan="1" style="width: 43%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 23%; vertical-align: top;">
          <div style="text-align: left; margin-left: 2.9pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Issuance of new shares</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">455,822</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 13%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">455,822</div>
        </td>
        <td colspan="1" style="width: 43%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 23%; vertical-align: top;">
          <div style="text-align: left; margin-left: 2.9pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Stock issue costs</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(6,534)</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 13%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(6,534)</div>
        </td>
        <td colspan="1" style="width: 43%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 23%; vertical-align: top;">
          <div style="text-align: left; margin-left: 2.9pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Share-based payment transactions</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">239,437</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 13%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">239,437</div>
        </td>
        <td colspan="1" style="width: 43%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 23%; vertical-align: top;">
          <div style="text-align: left; margin-left: 2.9pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Issuance of share acquisition rights</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">326</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 13%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">326</div>
        </td>
        <td colspan="1" style="width: 43%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 23%; vertical-align: top;">
          <div style="text-align: left; margin-left: 2.9pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Issuance cost of share acquisition right</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(4,958)</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 13%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(4,958)</div>
        </td>
        <td colspan="1" style="width: 43%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 23%; vertical-align: top;">
          <div style="text-align: left; margin-left: 2.9pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Exercise of share acquisition rights</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(121,682)</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 13%; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(121,682)</div>
        </td>
        <td colspan="1" style="width: 43%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 23%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; margin-left: 2.9pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Purchase of treasury shares</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(69)</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">-</div>
        </td>
        <td style="width: 13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(69)</div>
        </td>
        <td colspan="1" style="width: 43%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 23%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Total amount of transactions with owners</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">(489,244)</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">1,389,397</div>
        </td>
        <td style="width: 13%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">900,152</div>
        </td>
        <td colspan="1" style="width: 43%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 23%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Balance as of Dec 31 2024</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">36,405,775</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">3,267,785</div>
        </td>
        <td style="width: 13%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">39,673,560</div>
        </td>
        <td colspan="1" style="width: 43%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
      </tr>

  </table>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-12-</font></div>
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div>
    <div style="text-align: right;"> <font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
          FY2024 Consolidated Financial Results</font></font></div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z7295d2de9eb34a459afa5553faac5cd9" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="text-align: right; vertical-align: top; width: 36pt;">
            <div style="text-align: left; font-weight: bold;">(4)</div>
          </td>
          <td style="text-align: left; vertical-align: top; width: auto;">
            <div style="font-weight: bold;">Consolidated Statements of Cash Flows</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="margin-bottom: 6pt;"><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z44f203507dcb437fa001fc0df1408523" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 49.98%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 25.02%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 25.01%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>(Jan 1, 2023 to Dec 31, 2023)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 25.02%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>(Jan 1, 2024 to Dec 31, 2024)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top; border-top: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cash flows from operating activities</div>
        </td>
        <td style="width: 25.01%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 25.02%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Profit before tax</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">12,612,748</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">238,185</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Depreciation</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">608,422</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">983,243</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Decrease (increase) in trade and other receivables</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">324,379</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(1,865,768)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Increase (decrease) in trade and other payables</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">6,280</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(3,607)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Decrease (increase) in inventories</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">145,761</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(90,023)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Bonus allowance</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">16,212</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">17,526</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Finance income and finance costs</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">877,467</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">752,336</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Loss (gain) on Valuation in securities</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">291,808</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(41,910)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Gain on valuation of conversion of shares of associates to subsidiaries</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(8,969,727)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Share-based payment expenses</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,161,004</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">239,767</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">591,026</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(1,600,319)</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Subtotal</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">7,665,385</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(1,370,570)</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Interest received</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">494,185</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">503,919</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Interest paid</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(30,795)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(103,733)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Income taxes paid</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(1,579,438)</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(2,194,037)</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Net cash provided by (used in) operating activities</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">6,549,337</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(3,164,422)</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cash flows from investing activities</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle; text-align: right;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: middle; text-align: right;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Net decrease (increase) in time deposits</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(3,491,108)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(1,199,063)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Purchase of securities</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(4,066,617)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Purchases of property, plant and equipment</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(1,273,154)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(522,835)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Proceeds from sales of property, plant and equipment</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">15,208</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,620</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Purchase of intangible assets</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(802,823)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(1,013,834)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Increase of leasehold and guarantee deposits</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(3,831)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(2,066,754)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Decrease of leasehold and guarantee deposits</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,203</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">18,538</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Payments for loans receivable</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(59,460)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Collection of loans receivable</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">4,743</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Purchase of investment securities</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(1,703,102)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Proceeds from sale of investment securities</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">190,718</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Investment to affiliated companies</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(140,670)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Proceeds from purchase of shares of subsidiaries resulting in change in scope of consolidation</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">954,505</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Payments for acquisition of businesses</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(2,047,274)</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Net cash provided by (used in) investing activities</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(6,842,661)</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(10,361,330)</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cash flows from financing activities</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle; text-align: right;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: middle; text-align: right;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Net increase (decrease) in short-term borrowings</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,100,000</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">3,275,000</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Proceeds from long-term borrowings</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,000,000</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Repayments of long-term borrowings</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(400,000)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Proceeds from exercise of share acquisition rights</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">4,287,054</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">727,324</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Proceeds from issuance of share acquisition rights</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">798</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">326</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Capital contribution from non-controlling interests</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">3,516,749</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">741,982</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Payments for acquisition of interests in subsidiaries from non-controlling interests</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(3,269,100)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Purchase of treasury shares</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(38)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(69)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Repayment of lease liabilities</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(218,008)</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(381,303)</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Net cash provided by (used in) financing activities</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">10,686,556</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">694,161</div>
          </div>
        </td>
      </tr>

  </table>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-13-</font></div>
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: right;"> <font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
        FY2024 Consolidated Financial Results</font></font></div>
  <div><font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;"> <br>
      </font></font></div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 49.98%; vertical-align: top;">&#160;</td>
        <td style="width: 25.01%; vertical-align: middle; border-bottom: 2px solid #000000;">&#160;</td>
        <td colspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle; border-bottom: 2px solid #000000;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 25.01%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>(Jan 1, 2023 to Dec 31, 2023)</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 25.02%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>(Jan 1, 2024 to Dec 31, 2024)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Effect of exchange rate changes on cash and cash equivalents</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">190,485</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,313,601</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Net increase (decrease) in cash and cash equivalents</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">10,583,717</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(11,517,990)</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top; padding-bottom: 2px;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cash and cash equivalents at beginning of the period</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">11,049,310</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">21,633,028</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.98%; vertical-align: top; padding-bottom: 4px;">
          <div style="text-align: left; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cash and cash equivalents at the end of the period</div>
        </td>
        <td style="width: 25.01%; vertical-align: middle; border-bottom: 4px double rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">21,633,028</div>
          </div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: middle; padding-bottom: 4px;">&#160;</td>
        <td style="width: 25.02%; vertical-align: middle; border-bottom: 4px double rgb(0, 0, 0);">
          <div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">10,115,037</div>
          </div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-14-</font></div>
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: right;"> <font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
        FY2024 Consolidated Financial Results</font></font></div>
  <div><font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;"> <br>
      </font></font></div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

      <tr style="vertical-align: top;">
        <td style="text-align: right; vertical-align: top; width: 36pt;">
          <div style="text-align: left; font-weight: bold;">(5)</div>
        </td>
        <td style="text-align: left; vertical-align: top; width: auto;">
          <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
          <div style="font-weight: bold;">(Notes Related to Going Concern Assumptions)<br>
            Not applicable. </div>
        </td>
      </tr>

  </table>
  <br>
  <div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Basis of Preparation)</div>
  <table cellspacing="0" cellpadding="0" id="z576d5058ba564fe3bdf875eda866824f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 54pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Matters relating to IFRS</div>
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
            <div style="margin: 0px 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The Group&#8217;s consolidated financial statements are prepared in accordance with International Financial Reporting Standards
              (IFRS) published by the International Accounting Standards Board.</div>
            <div style="margin: 0px 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> <br>
            </div>
            <div style="margin: 0px 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Meeting the criteria of a &#8220;specified company&#8221; as defined under Article 1-2 of the Ordinance on Terminology, Forms and
              Preparation Methods of Consolidated Financial Statements (Ministry of Finance Ordinance No. 28, 1976), GNI Group&#8217;s consolidated financial statements are prepared in accordance with Article 312 of the same.</div>
          </div>
        </td>
      </tr>

  </table>
  <br>
  <table cellspacing="0" cellpadding="0" id="zd988a53f94b04aabaee1b206d3933190" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 54pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Functional currency and presentation currency</div>
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Group&#8217;s consolidated financial statements are presented in Japanese yen, the Company&#8217;s functional currency.&#160; Figures of less than one thousand yen are rounded down. </div>
        </td>
      </tr>

  </table>
  <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zb7c7d73e27d54c41bb6e06332aeb0f9c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 54pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3)</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">New standards not yet adopted</div>
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Of the newly established and revised standards and interpretations of accounting principles published by the date of approval for these consolidated financial statements,
            there are no standards and interpretations of accounting principles not adopted by GNI Group, which has material effect impact. </div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Segment Information)</div>
  <table cellspacing="0" cellpadding="0" id="zdb8f083451a7440e85bf1d0122bc9eb0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 54pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Reportable segments</div>
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
            <div style="margin: 0px 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The Group&#8217;s reportable segments, from which separate financial data can be obtained, are subject to periodic review by the
              Board of Directors for the purpose of deciding the allocation of resources and assessing performance.</div>
            <div style="margin: 0px 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> <br>
            </div>
            <div style="margin: 0px 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The Group has two business segments:&#160; Pharmaceutical Segment consisting of drug development, manufacturing, and sales
              activities as well as contracted research operations and the Medical Device Segment consisting of development, manufacturing and sales activities of medical devices including biomaterials.</div>
            <div style="margin: 0px 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> <br>
            </div>
            <div style="margin: 0px 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The major products in each reportable segment are as follows.</div>
          </div>
        </td>
      </tr>

  </table>
  <br>
  <div style="margin-left: 81pt;">
    <table cellspacing="0" cellpadding="0" border="0" id="z0464ea5fae6a454f9ef838687479f00f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27.19%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Reportable segment</div>
          </td>
          <td style="width: 40.72%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Company name</div>
          </td>
          <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: middle; width: 31.86%;">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Main product</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.19%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pharmaceutical</div>
          </td>
          <td style="width: 40.72%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">GNI Group Ltd.; Beijing Continent Pharmaceutical Co., Ltd; Shanghai Genomics, Inc.; GNI Hong Kong Limited; Shanghai Genomics Technology, Ltd.; Cullgen
              (Shanghai), Inc.; GNI USA, Inc.; Cullgen Inc.; Shanghai Rui Fu International Trade Co., Ltd.; Gyre Therapeutics, Inc.</div>
          </td>
          <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: middle; width: 31.86%;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">ETUARY<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>, drug discovery<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
              </font>and development, reagents<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
              </font>etc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.19%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Medical Device</div>
          </td>
          <td style="width: 40.72%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Berkeley Advanced Biomaterials LLC, Micren Healthcare Co., Ltd., Berkeley Biologics LLC</div>
          </td>
          <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: middle; width: 31.86%;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Biomaterials, Designated Marketing Authorization Holder (DMAH) and in-country caretaker (ICC) service</div>
          </td>
        </tr>

    </table>
  </div>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-15-</font></div>
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: right;"><font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
        FY2024 Consolidated Financial Results</font></font> </div>
  <div><font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;"> <br>
      </font></font></div>
  <table cellspacing="0" cellpadding="0" id="z6761107ebbbb430a92ecbd1be2ebc18a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 54pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Reportable segment revenue and profit</div>
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
            <div style="margin: 0px 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Information about the Company&#8217;s reportable segments is as follows.</div>
          </div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023 (Jan 1, 2023 to Dec 31, 2023)</div>
  <table cellspacing="0" cellpadding="0" border="0" id="zee32f338ef5a46c1b05620d003683d34" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="6">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
        </td>
      </tr>
      <tr>
        <td style="width: 18.97%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;" rowspan="2">&#160;</td>
        <td style="width: 51.55%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid;" colspan="3">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Reportable segments</div>
        </td>
        <td style="width: 14.74%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid;" rowspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Adjustments</div>
        </td>
        <td style="border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: middle; width: 14.74%;" rowspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consolidated</div>
        </td>
      </tr>
      <tr>
        <td style="width: 15.76%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pharmaceutical</div>
        </td>
        <td style="width: 16.86%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Medical Device</div>
        </td>
        <td style="width: 18.94%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total</div>
        </td>
      </tr>
      <tr>
        <td style="width: 18.97%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Revenue</div>
        </td>
        <td style="width: 15.76%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">&#160;</td>
        <td style="width: 16.86%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">&#160;</td>
        <td style="width: 18.94%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">&#160;</td>
        <td style="width: 14.74%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid;">&#160;</td>
        <td style="border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: top; width: 14.74%;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 18.97%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: left; text-indent: -10.8pt; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1) Revenue to outside customers</div>
        </td>
        <td style="width: 15.76%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">22,976,201</div>
        </td>
        <td style="width: 16.86%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3,034,369</div>
        </td>
        <td style="width: 18.94%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">26,010,571</div>
        </td>
        <td style="width: 14.74%; vertical-align: top; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div>
        </td>
        <td style="border-left: 2px solid #000000; border-right: 2px solid #000000; vertical-align: top; width: 14.74%;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">26,010,571</div>
        </td>
      </tr>
      <tr>
        <td style="width: 18.97%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; text-indent: -10.8pt; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2) Intra-segment revenue and transfers</div>
        </td>
        <td style="width: 15.76%; vertical-align: bottom; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 16.86%; vertical-align: bottom; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">24,171</div>
        </td>
        <td style="width: 18.94%; vertical-align: bottom; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">24,171</div>
        </td>
        <td style="width: 14.74%; vertical-align: bottom; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(24,171)</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; vertical-align: bottom; width: 14.74%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 18.97%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total</div>
        </td>
        <td style="width: 15.76%; vertical-align: bottom; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">22,976,201</div>
        </td>
        <td style="width: 16.86%; vertical-align: bottom; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">3,058,541</div>
        </td>
        <td style="width: 18.94%; vertical-align: bottom; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">26,034,742</div>
        </td>
        <td style="width: 14.74%; vertical-align: bottom; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(24,171)</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: bottom; width: 14.74%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">26,010,571</div>
        </td>
      </tr>
      <tr>
        <td style="width: 18.97%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Segment profit</div>
        </td>
        <td style="width: 15.76%; vertical-align: bottom; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">12,026,795</div>
        </td>
        <td style="width: 16.86%; vertical-align: bottom; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,082,048</div>
        </td>
        <td style="width: 18.94%; vertical-align: bottom; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">13,108,843</div>
        </td>
        <td style="width: 14.74%; vertical-align: bottom; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: bottom; width: 14.74%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">13,108,843</div>
        </td>
      </tr>
      <tr>
        <td style="width: 51.58%; vertical-align: top; border-top: #000000 2px solid;" rowspan="4" colspan="3">&#160;</td>
        <td style="width: 33.68%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Finance income</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: bottom; width: 14.74%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">771,527</div>
        </td>
      </tr>
      <tr>
        <td style="width: 32.61%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Finance costs</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: bottom; width: 18.94%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(1,250,685)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 32.61%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Share of profit (loss) of investments accounted for using equity method</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: bottom; width: 18.94%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(16,936)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 32.61%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Profit before tax</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: bottom; width: 18.94%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">12,612,748</div>
        </td>
      </tr>

  </table>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
    </font></div>
  <div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z6c770ef798c9462a8384fddfdc63da47" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="width: 63pt;">
            <div>Notes:<br>
            </div>
          </td>
          <td style="text-align: left; vertical-align: top; width: 18pt;">1.<br>
          </td>
          <td style="text-align: left; vertical-align: top; width: auto;">
            <div style="margin: 0px 0px 0px 0px; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Intra-segment revenue and transfers are based on arm&#8217;s-length prices.</font></div>
          </td>
        </tr>

    </table>
  </div>
  <table cellspacing="0" cellpadding="0" id="zc6e40797377c4d7da1ce415e027deb4f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 63pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The adjustment of revenue reflects intra-segment revenue.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z9e873bff79c04f7dab6f4f26a08efbd4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 63pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">3.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The segment profit reflects the operating profit in the summary of the consolidated statements of income .</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" border="0" id="zbe6fd6be7d154c9db5c4972d91c0c68f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="2">&#160;</td>
        <td style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="3">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Reportable segments</div>
        </td>
        <td style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Adjustments</div>
        </td>
        <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: middle; width: 15%;" rowspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consolidated</div>
        </td>
      </tr>
      <tr>
        <td style="width: 16%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pharmaceutical</div>
        </td>
        <td style="width: 17%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Medical Device</div>
        </td>
        <td style="width: 19%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Depreciation</div>
        </td>
        <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">440,438</div>
        </td>
        <td style="width: 17%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">167,983</div>
        </td>
        <td style="width: 19%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">608,422</div>
        </td>
        <td style="width: 15%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; width: 15%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">608,422</div>
        </td>
      </tr>

  </table>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-16-</font></div>
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: right; margin-top: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"> <font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
        FY2024 Consolidated Financial Results</font></font></div>
  <div style="text-align: center; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024 (Jan 1, 2024 to Dec 31, 2024)</div>
  <table cellspacing="0" cellpadding="0" border="0" id="z3f40efc6d53346f0a9f73f68f68e200f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" rowspan="2">&#160;</td>
        <td style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="3">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Reportable segments</div>
        </td>
        <td style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" rowspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Adjustments</div>
        </td>
        <td style="border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid; vertical-align: middle; width: 15%;" rowspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consolidated</div>
        </td>
      </tr>
      <tr>
        <td style="width: 16%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pharmaceutical</div>
        </td>
        <td style="width: 17%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Medical Device</div>
        </td>
        <td style="width: 19%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Revenue</div>
        </td>
        <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 17%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 19%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 15%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid; vertical-align: top; width: 15%;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; text-indent: -10.8pt; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1) Revenue to outside customers</div>
        </td>
        <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">18,303,785</div>
        </td>
        <td style="width: 17%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">5,307,920</div>
        </td>
        <td style="width: 19%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">23,611,705</div>
        </td>
        <td style="width: 15%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); vertical-align: top; width: 15%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">23,611,705</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; text-indent: -10.8pt; margin-left: 10.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2) Intra-segment revenue and transfers</div>
        </td>
        <td style="width: 16%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 17%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="width: 15%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 15%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total</div>
        </td>
        <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">18,303,785</div>
        </td>
        <td style="width: 17%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">5,307,920</div>
        </td>
        <td style="width: 19%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">23,611,705</div>
        </td>
        <td style="width: 15%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="border-width: 2px; border-style: solid; border-color: -moz-use-text-color rgb(0, 0, 0); vertical-align: top; width: 15%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">23,611,705</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Segment profit</div>
        </td>
        <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">371,073</div>
        </td>
        <td style="width: 17%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,031,227</div>
        </td>
        <td style="width: 19%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,402,301</div>
        </td>
        <td style="width: 15%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="border-width: 2px; border-style: solid; border-color: -moz-use-text-color rgb(0, 0, 0); vertical-align: top; width: 15%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,402,301</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0);" rowspan="4" colspan="3">&#160;</td>
        <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Finance income</div>
        </td>
        <td style="border-width: 2px; border-style: solid; border-color: -moz-use-text-color rgb(0, 0, 0); vertical-align: top; width: 15%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">707,799</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Finance costs</div>
        </td>
        <td style="border-width: 2px; border-style: solid; border-color: -moz-use-text-color rgb(0, 0, 0); vertical-align: top; width: 15%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(1,880,621)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Share of profit (loss) of investments accounted for using equity method</div>
        </td>
        <td style="border-width: 2px; border-style: solid; border-color: -moz-use-text-color rgb(0, 0, 0); vertical-align: middle; width: 15%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">8,705</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Profit before tax</div>
        </td>
        <td style="border-width: 2px; border-style: solid; border-color: -moz-use-text-color rgb(0, 0, 0); vertical-align: top; width: 15%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">238,185</div>
        </td>
      </tr>

  </table>
  <div> <br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="width: 63pt;">
            <div>Notes:</div>
          </td>
          <td style="width: 18pt;">
            <div>1.<br>
            </div>
          </td>
          <td style="text-align: left; vertical-align: top; width: auto;">
            <div style="margin: 0px 0px 0px 0px; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Intra-segment revenue and transfers are based on arm&#8217;s-length prices.</font></div>
          </td>
        </tr>

    </table>
  </div>
  <table cellspacing="0" cellpadding="0" id="z39c7f75b733b413696705a3eec4f5425" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 63pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The adjustment of revenue reflects intra-segment revenue.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z831878879e11434187a454956e297873" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 63pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">3.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The segment profit reflects the operating profit in the summary of the consolidated statements of income.</div>
        </td>
      </tr>

  </table>
  <div> <br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="z15d9ce2054544965891b107e059e7558" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="border-bottom: 0px solid rgb(0, 0, 0); vertical-align: top; width: 1.8%;" colspan="1">&#160;</td>
        <td rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: 0px solid rgb(0, 0, 0); border-left: 0px solid rgb(0, 0, 0); border-top: 0px solid rgb(0, 0, 0); vertical-align: top; width: 1.8%;" rowspan="2" colspan="1">&#160;</td>
        <td style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="2">&#160;</td>
        <td style="vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="3">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Reportable segments</div>
        </td>
        <td style="width: 9.94%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Adjustments</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle;" rowspan="2">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consolidated</div>
        </td>
      </tr>
      <tr>
        <td style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pharmaceutical</div>
        </td>
        <td style="width: 9.94%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Medical Device</div>
        </td>
        <td style="width: 9.94%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total</div>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: 0px solid rgb(0, 0, 0); border-left: 0px solid rgb(0, 0, 0); border-top: 0px solid rgb(0, 0, 0); vertical-align: top; width: 1.8%;" colspan="1">&#160;</td>
        <td style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Depreciation</div>
        </td>
        <td style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">637,094</div>
        </td>
        <td style="width: 9.94%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">346,148</div>
        </td>
        <td style="width: 9.94%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">983,243</div>
        </td>
        <td style="width: 9.94%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">-</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">983,243</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="zaea203f4557047b5a417427673d66151" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 18pt;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 54pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3)</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Information related to products and services</div>
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Sales of products and services to outside customers are as follows. </div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z9cd17cb193d346999a5ae9c2b551f71a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
        </td>
      </tr>
      <tr>
        <td style="width: 51.79%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 24.1%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>(Jan 1, 2023 to<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Dec 31, 2023)</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: middle; width: 24.1%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>(Jan 1, 2024 to<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Dec 31, 2024)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 51.79%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">ETUARY<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup></div>
        </td>
        <td style="width: 24.1%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">15,686,480</div>
        </td>
        <td style="border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: middle; width: 24.1%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">15,738,090</div>
        </td>
      </tr>
      <tr>
        <td style="width: 51.79%; vertical-align: middle; border-left: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Biomaterial</div>
        </td>
        <td style="width: 24.1%; vertical-align: middle; border-left: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,840,558</div>
        </td>
        <td style="border-left: 2px solid #000000; border-right: 2px solid #000000; vertical-align: middle; width: 24.1%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">5,169,102</div>
        </td>
      </tr>
      <tr>
        <td style="width: 51.79%; vertical-align: middle; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other</div>
        </td>
        <td style="width: 24.1%; vertical-align: middle; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">7,483,532</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; vertical-align: middle; width: 24.1%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,704,513</div>
        </td>
      </tr>
      <tr>
        <td style="width: 51.79%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total</div>
        </td>
        <td style="width: 24.1%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">26,010,571</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: middle; width: 24.1%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">23,611,705</div>
        </td>
      </tr>

  </table>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-17-</font></div>
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: right;"> <font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
        FY2024 Consolidated Financial Results</font></font></div>
  <table cellspacing="0" cellpadding="0" id="zce17e030d32346ec97b5224d2b0c8c52" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 18pt;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 54pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(4)</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Geographic information</div>
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023 (Jan 1, 2023 to Dec 31, 2023) </div>
        </td>
      </tr>

  </table>
  <div style="text-align: left; margin-left: 40.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="za212e87c4bb24312b632ab776a0ed19a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
        </td>
      </tr>
      <tr>
        <td style="width: 36.94%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Japan</div>
        </td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">China</div>
        </td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">U.S.</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 15.77%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consolidated</div>
        </td>
      </tr>
      <tr>
        <td style="width: 36.94%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Sales to outside customers (see note 1)</div>
        </td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">6,021,269</div>
        </td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">17,123,029</div>
        </td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,866,272</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 15.77%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">26,010,571</div>
        </td>
      </tr>
      <tr>
        <td style="width: 36.94%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Non-current assets (see note 2)</div>
        </td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">306,483</div>
        </td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">7,048,392</div>
        </td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">19,673,729</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 15.77%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">27,028,605</div>
        </td>
      </tr>

  </table>
  <div> <br>
  </div>
  <table cellspacing="0" cellpadding="0" id="ze8a5d8f2e7e34f61af1ade58ca0535ca" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 63pt;">
          <div>Notes:<br>
          </div>
        </td>
        <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Sales amounts are based on customer location.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z5508502dbcf1464ca1bf38c231eb1c56" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 63pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other financial assets, Deferred income tax assets and Investments accounted for using the equity method are not included.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024 (Jan 1, 2024 to Dec 31, 2024)</div>
  <table cellspacing="0" cellpadding="0" id="zc359b526dd0e49e6ae006cb8a50eeaf8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
        </td>
      </tr>
      <tr>
        <td style="width: 36.94%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Japan</div>
        </td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">China</div>
        </td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">U.S.</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 15.77%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Consolidated</div>
        </td>
      </tr>
      <tr>
        <td style="width: 36.94%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Sales to outside customers (see note 1)</div>
        </td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,462,983</div>
        </td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">17,098,945</div>
        </td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">5,049,776</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 15.77%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">23,611,705</div>
        </td>
      </tr>
      <tr>
        <td style="width: 36.94%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Non-current assets (see note 2)</div>
        </td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">423,932</div>
        </td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">9,432,683</div>
        </td>
        <td style="width: 15.77%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">24,477,517</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 15.77%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">34,334,134</div>
        </td>
      </tr>

  </table>
  <div> <br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z2f24fc1f46d344e68f9e7f23fb3f48af" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 63pt;">
          <div>Notes:<br>
          </div>
        </td>
        <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1.<br>
        </td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Sales amounts are based on customer location.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z41a7eb01038b48a9bf6b39f0e434ce69" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 63pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other financial assets, Deferred income tax assets and Investments accounted for using the equity method are not included.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z818e30cf732f499ab311bade8db75500" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 18pt;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 54pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(5)</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Information related to major customers</div>
        </td>
      </tr>

  </table>
  <div style="margin: 0px 0px 12pt 81pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">FY2023 (Jan 1, 2023 to Dec 31, 2023)</div>
  <table cellspacing="0" cellpadding="0" id="z441726dd0df145ddaafdfe912c151421" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
        </td>
      </tr>
      <tr>
        <td style="width: 51.78%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Customer name</div>
        </td>
        <td style="width: 18.57%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Sales</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 29.65%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Related segment</div>
        </td>
      </tr>
      <tr>
        <td style="width: 51.78%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Astellas Pharma Inc.</div>
        </td>
        <td style="width: 18.57%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">5,804,973</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 29.65%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pharmaceutical</div>
        </td>
      </tr>
      <tr>
        <td style="width: 51.78%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Sinopharm</div>
        </td>
        <td style="width: 18.57%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">5,365,748</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 29.65%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pharmaceutical</div>
        </td>
      </tr>
      <tr>
        <td style="width: 51.78%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">China Resources Pharmaceutical</div>
        </td>
        <td style="width: 18.57%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,575,165</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 29.65%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pharmaceutical</div>
        </td>
      </tr>
      <tr>
        <td style="width: 51.78%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Shanghai Pharma</div>
        </td>
        <td style="width: 18.57%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">711,361</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 29.65%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pharmaceutical</div>
        </td>
      </tr>
      <tr>
        <td style="width: 51.78%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Lawson</div>
        </td>
        <td style="width: 18.57%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">643,195</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 29.65%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pharmaceutical</div>
        </td>
      </tr>

  </table>
  <div style="text-align: left; margin-left: 72pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024 (Jan 1, 2024 to Dec 31, 2024)</div>
  <table cellspacing="0" cellpadding="0" id="zf7987904fc434abfb0471776f1457d4d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thousand yen</div>
        </td>
      </tr>
      <tr>
        <td style="width: 51.78%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Customer name</div>
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        <td style="width: 18.57%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Sales</div>
        </td>
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          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Related segment</div>
        </td>
      </tr>
      <tr>
        <td style="width: 51.78%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Sinopharm</div>
        </td>
        <td style="width: 18.57%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">5,105,295</div>
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        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 29.65%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pharmaceutical</div>
        </td>
      </tr>
      <tr>
        <td style="width: 51.78%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">China Resources Pharmaceutical</div>
        </td>
        <td style="width: 18.57%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,616,847</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 29.65%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pharmaceutical</div>
        </td>
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      <tr>
        <td style="width: 51.78%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Astellas Pharma Inc.</div>
        </td>
        <td style="width: 18.57%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,438,586</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 29.65%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pharmaceutical</div>
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      <tr>
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          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Stryker Spine</div>
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        <td style="width: 18.57%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">819,845</div>
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          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Medical Device</div>
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        <td style="width: 51.78%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Huadong Medicine Co., Ltd.</div>
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        <td style="width: 18.57%; vertical-align: middle; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">747,923</div>
        </td>
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          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pharmaceutical</div>
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  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-18-</font></div>
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  <div style="text-align: right; text-indent: 18pt; margin-top: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"> <font style="font-weight: bold;"><font style="font-size: 8pt; font-weight: normal;">GNI Group Ltd. (2160)<br>
        FY2024 Consolidated Financial Results</font></font></div>
  <div style="text-align: left; text-indent: 18pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Earnings Per Share)</div>
  <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Basic earnings per share and Diluted earnings per share and the basis for its calculation are as follows.</div>
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      <tr>
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        <td style="width: 54pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)</td>
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          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Basic earnings per share</div>
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  </table>
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      <tr>
        <td style="width: 52%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 19%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>(Jan 1, 2023 to<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Dec 31, 2023)</div>
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        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 30%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>(Jan 1, 2024 to<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Dec 31, 2024)</div>
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      <tr>
        <td style="width: 52%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Profit attributable to owners of parent (thousand yen)</div>
        </td>
        <td style="width: 19%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">8,094,202</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 30%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">977,658</div>
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      </tr>
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        <td style="width: 52%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Average number of ordinary shares outstanding during the fiscal year (shares)</div>
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        <td style="width: 19%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">47,752,120</div>
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        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 30%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">50,007,923</div>
        </td>
      </tr>
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        <td style="width: 52%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Basic earnings per share (yen)</div>
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        <td style="width: 19%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">169.50</div>
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        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 30%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">19.55</div>
        </td>
      </tr>

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        <td style="width: 54pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(2)</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Diluted earnings per share</div>
        </td>
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      <tr>
        <td style="width: 52%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 19%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2023<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>(Jan 1, 2023, to<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Dec 31, 2023)</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: middle; width: 30%;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">FY2024<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>(Jan 1, 2024, to<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font>Dec 31, 2024)</div>
        </td>
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      <tr>
        <td style="width: 52%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Profit attributable to owners of parent (thousand yen)</div>
        </td>
        <td style="width: 19%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">8,094,202</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: middle; width: 30%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">977,658</div>
        </td>
      </tr>
      <tr>
        <td style="width: 52%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Average number of ordinary shares outstanding during the fiscal year (shares)</div>
        </td>
        <td style="width: 19%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">47,752,120</div>
        </td>
        <td style="border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: middle; width: 30%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">50,007,923</div>
        </td>
      </tr>
      <tr>
        <td style="width: 52%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Adjustment of dilution effect:</div>
        </td>
        <td style="width: 19%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="border-left: 2px solid #000000; border-right: 2px solid #000000; vertical-align: middle; width: 30%; text-align: right;">&#160;</td>
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      <tr>
        <td style="width: 52%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Stock option (shares)</div>
        </td>
        <td style="width: 19%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,138,640</div>
        </td>
        <td style="border-left: 2px solid #000000; border-right: 2px solid #000000; vertical-align: middle; width: 30%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1,914,392</div>
        </td>
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        <td style="width: 52%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Diluted average number of ordinary shares outstanding (shares)</div>
        </td>
        <td style="width: 19%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">48,890,760</div>
        </td>
        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; vertical-align: middle; width: 30%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">51,922,315</div>
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        <td style="width: 52%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Diluted earnings per share (yen)</div>
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        <td style="width: 19%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">165.56</div>
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        <td style="border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid; vertical-align: middle; width: 30%;">
          <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">18.83</div>
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  <div style="text-align: left; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Important Subsequent Events)</div>
  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">No Important Subsequent Event</div>
  <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">-19-</font>
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  <xs:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />
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</xs:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>gyre-20250214_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by Broadridge PROfile 25.1.1.5279 Broadridge-->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance">
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    <link:label xlink:type="resource" xlink:label="dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CoverAbstract" xml:lang="en-US" id="dei_CoverAbstract">Cover [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_WrittenCommunications" xlink:label="WrittenCommunications" xlink:title="WrittenCommunications" />
    <link:label xlink:type="resource" xlink:label="dei_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_WrittenCommunications" xml:lang="en-US" id="dei_WrittenCommunications">Written Communications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WrittenCommunications" xlink:to="dei_WrittenCommunications" xlink:title="label: WrittenCommunications to dei_WrittenCommunications" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SolicitingMaterial" xlink:label="SolicitingMaterial" xlink:title="SolicitingMaterial" />
    <link:label xlink:type="resource" xlink:label="dei_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_SolicitingMaterial" xml:lang="en-US" id="dei_SolicitingMaterial">Soliciting Material</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SolicitingMaterial" xlink:to="dei_SolicitingMaterial" xlink:title="label: SolicitingMaterial to dei_SolicitingMaterial" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementTenderOffer" xlink:label="PreCommencementTenderOffer" xlink:title="PreCommencementTenderOffer" />
    <link:label xlink:type="resource" xlink:label="dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_PreCommencementTenderOffer" xml:lang="en-US" id="dei_PreCommencementTenderOffer">Pre-commencement Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer" xlink:title="label: PreCommencementTenderOffer to dei_PreCommencementTenderOffer" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="PreCommencementIssuerTenderOffer" xlink:title="PreCommencementIssuerTenderOffer" />
    <link:label xlink:type="resource" xlink:label="dei_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_PreCommencementIssuerTenderOffer" xml:lang="en-US" id="dei_PreCommencementIssuerTenderOffer">Pre-commencement Issuer Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer" xlink:title="label: PreCommencementIssuerTenderOffer to dei_PreCommencementIssuerTenderOffer" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_AmendmentFlag" xml:lang="en-US" id="dei_AmendmentFlag">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="dei_AmendmentFlag" xlink:title="label: AmendmentFlag to dei_AmendmentFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalYearFocus" xml:lang="en-US" id="dei_DocumentFiscalYearFocus">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus" xlink:title="label: DocumentFiscalYearFocus to dei_DocumentFiscalYearFocus" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalPeriodFocus" xml:lang="en-US" id="dei_DocumentFiscalPeriodFocus">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus" xlink:title="label: DocumentFiscalPeriodFocus to dei_DocumentFiscalPeriodFocus" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentPeriodEndDate" xml:lang="en-US" id="dei_DocumentPeriodEndDate">Document Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate" xlink:title="label: DocumentPeriodEndDate to dei_DocumentPeriodEndDate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityRegistrantName" xml:lang="en-US" id="dei_EntityRegistrantName">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="dei_EntityRegistrantName" xlink:title="label: EntityRegistrantName to dei_EntityRegistrantName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCentralIndexKey" xml:lang="en-US" id="dei_EntityCentralIndexKey">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey" xlink:title="label: EntityCentralIndexKey to dei_EntityCentralIndexKey" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityFileNumber" xml:lang="en-US" id="dei_EntityFileNumber">Entity File Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFileNumber" xlink:to="dei_EntityFileNumber" xlink:title="label: EntityFileNumber to dei_EntityFileNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityTaxIdentificationNumber" xlink:label="EntityTaxIdentificationNumber" xlink:title="EntityTaxIdentificationNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityTaxIdentificationNumber" xml:lang="en-US" id="dei_EntityTaxIdentificationNumber">Entity Tax Identification Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber" xlink:title="label: EntityTaxIdentificationNumber to dei_EntityTaxIdentificationNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityIncorporationStateCountryCode" xml:lang="en-US" id="dei_EntityIncorporationStateCountryCode">Entity Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode" xlink:title="label: EntityIncorporationStateCountryCode to dei_EntityIncorporationStateCountryCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityEmergingGrowthCompany" xml:lang="en-US" id="dei_EntityEmergingGrowthCompany">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany" xlink:title="label: EntityEmergingGrowthCompany to dei_EntityEmergingGrowthCompany" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine1" xml:lang="en-US" id="dei_EntityAddressAddressLine1">Entity Address, Address Line One</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1" xlink:title="label: EntityAddressAddressLine1 to dei_EntityAddressAddressLine1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine2" xlink:label="EntityAddressAddressLine2" xlink:title="EntityAddressAddressLine2" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine2" xml:lang="en-US" id="dei_EntityAddressAddressLine2">Entity Address, Address Line Two</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2" xlink:title="label: EntityAddressAddressLine2 to dei_EntityAddressAddressLine2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine3" xlink:label="EntityAddressAddressLine3" xlink:title="EntityAddressAddressLine3" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine3" xml:lang="en-US" id="dei_EntityAddressAddressLine3">Entity Address, Address Line Three</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3" xlink:title="label: EntityAddressAddressLine3 to dei_EntityAddressAddressLine3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressCityOrTown" xml:lang="en-US" id="dei_EntityAddressCityOrTown">Entity Address, City or Town</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown" xlink:title="label: EntityAddressCityOrTown to dei_EntityAddressCityOrTown" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressStateOrProvince" xlink:label="EntityAddressStateOrProvince" xlink:title="EntityAddressStateOrProvince" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressStateOrProvince" xml:lang="en-US" id="dei_EntityAddressStateOrProvince">Entity Address, State or Province</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince" xlink:title="label: EntityAddressStateOrProvince to dei_EntityAddressStateOrProvince" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCountry" xlink:label="EntityAddressCountry" xlink:title="EntityAddressCountry" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressCountry" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressCountry" xml:lang="en-US" id="dei_EntityAddressCountry">Entity Address, Country</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCountry" xlink:to="dei_EntityAddressCountry" xlink:title="label: EntityAddressCountry to dei_EntityAddressCountry" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressPostalZipCode" xml:lang="en-US" id="dei_EntityAddressPostalZipCode">Entity Address, Postal Zip Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode" xlink:title="label: EntityAddressPostalZipCode to dei_EntityAddressPostalZipCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:label xlink:type="resource" xlink:label="dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CityAreaCode" xml:lang="en-US" id="dei_CityAreaCode">City Area Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CityAreaCode" xlink:to="dei_CityAreaCode" xlink:title="label: CityAreaCode to dei_CityAreaCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
    <link:label xlink:type="resource" xlink:label="dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_LocalPhoneNumber" xml:lang="en-US" id="dei_LocalPhoneNumber">Local Phone Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber" xlink:title="label: LocalPhoneNumber to dei_LocalPhoneNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
    <link:label xlink:type="resource" xlink:label="dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_Security12bTitle" xml:lang="en-US" id="dei_Security12bTitle">Title of 12(b) Security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Security12bTitle" xlink:to="dei_Security12bTitle" xlink:title="label: Security12bTitle to dei_Security12bTitle" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_NoTradingSymbolFlag" xlink:label="NoTradingSymbolFlag" xlink:title="NoTradingSymbolFlag" />
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45508433819280">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Feb. 14, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Feb. 14,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">000-51173<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Gyre Therapeutics, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001124105<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">56-2020050<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">12770 High Bluff Drive<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">San Diego<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">92130<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">619<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">949-3681<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">GYRE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<td>xbrli:normalizedStringItemType</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td>dei_</td>
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<td>xbrli:dateItemType</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<td>dei_</td>
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<td>dei:submissionTypeItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>na</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:normalizedStringItemType</td>
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<td>na</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:stateOrProvinceItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>dei:centralIndexKeyItemType</td>
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<td>na</td>
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</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<tr>
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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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      id="Fact_ff5524262da746df8dc99957ecdc7eaf">56-2020050</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1
      contextRef="c20250214to20250214"
      id="Fact_6e54023c7eaa4eaab914c106f55d0446">12770 High Bluff Drive</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown
      contextRef="c20250214to20250214"
      id="Fact_d398b608baee462ea5a286826ddeeeeb">San Diego</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince
      contextRef="c20250214to20250214"
      id="Fact_cc9a2ee4dc0e4e78bf834527d628f0f4">CA</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode
      contextRef="c20250214to20250214"
      id="Fact_f3249db819284f56932bfc8b181587d6">92130</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode
      contextRef="c20250214to20250214"
      id="Fact_8886f1c8a2674bb2bfffdef97ce3174e">619</dei:CityAreaCode>
    <dei:LocalPhoneNumber
      contextRef="c20250214to20250214"
      id="Fact_c7838289cbd24a08947895e37d16350c">949-3681</dei:LocalPhoneNumber>
    <dei:WrittenCommunications
      contextRef="c20250214to20250214"
      id="Fact_a89612cd302541a98f62bed35504cbbb">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial
      contextRef="c20250214to20250214"
      id="Fact_18bf65a9824547be85d9542df03538d0">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer
      contextRef="c20250214to20250214"
      id="Fact_c96effaff38548f2b9adb449377a77b5">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer
      contextRef="c20250214to20250214"
      id="Fact_51fbbb4072014764a2fcc752ecfe44ea">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle
      contextRef="c20250214to20250214"
      id="Fact_b479cae1c4e347cea970ef2b01012407">Common Stock</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="c20250214to20250214"
      id="Fact_4df83ec18f9545ee92461387036e304b">GYRE</dei:TradingSymbol>
    <dei:EntityEmergingGrowthCompany
      contextRef="c20250214to20250214"
      id="Fact_173cfed483a24631af6efe7832f54d28">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
